An excellent report from CBS 60 Minutes:
Related:
Africa’s impressive mobile technology revolution
continues –
According to the WSJ:
“A 30-person startup in an artsy corner of this city’s
gritty core is making it easier for millions of Africans to send and receive
money across borders by using their phones. Founded in 2009, MFS Africa has
pioneered a mobile payment platform embraced by the continent’s biggest
telecommunications operators, which count about 500 million customers combined.
Mobile phones are emerging as an essential payment
device for Africans who increasingly trek across the continent and beyond
seeking work. As they earn more money, they are looking for ways to move their
cash quickly and easily.”
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As noted in the CBS 60 Minutes piece, the financial industry in the West is opposed to competition from mobile payment platforms that they don’t fully control, and they lobby hard to prevent fresh competition.
The Power of the Financial Industry Lobby in the US