“Mobile money was supposed to reach Africa's poor. But it does not seem there is much of an uptake
Taking payment systems onto mobile format was aimed at giving Africa’s poor access to banking. But besides Kenyans, Zimbabweans and Bangladeshis warming up to the use of M-Pesa, other Africans don’t seem to have much use for this platform, reports BDLive.
M-Pesa is a banking platform that allows customers to withdraw, deposit and transfer money with their mobile phones.
Global publication’s The Economist recently organised a conference in Sandton. And John Staley, chief officer of Kenya’s largest bank, Equity Bank says the bank card still has a place.
“There has been too much hype about mobile and what it is going to do in Africa. Yes, it is going to play a huge part, but I think in the short run don’t forget the card,” he said.
The daily news paper reports that its still cheaper for banking customers to use cards than it is when they use cellphone banking. A bank card reportedly costs $2 while banking on a mobile device costs $10.”
Read more>>