“The only significant change in money since credit cards, 60 years ago, is M-Pesa. The transaction costs for it are so minimal that banks cannot compete with it.” – Erik Hersman, Founder, iHub.
The story of Kenya’s M-Pesa network, launched by Safaricom, is well known. But did you know Google is working on a similar system?
Saying the banks cannot compete with it is far fetched given most banks have a mobile bank offering.also data isnt cheap in kenya