May 14 2010

Mobile phone money is busting out in Uganda, rather shockingly fast

Category: Uncategorized<ADMINNICENAME> @ 9:40 AM

Might sub-Saharan Africa spawn a major innovation in financial services that sweeps the globe, and is not micro lending?

The rapid spread of money transfer via mobile phones is upending conventional notions of financial services. Following the path of Vodaphone in Kenya, MTN in neighboring Uganda is also finding a ready market for their own brand of digital banking.

Global business in Africa is dominated by natural resources — oil, gold and certain cash crops — but mobile money is one giant exception worth following.

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