The Hype About Mobile Money
In the last couple of years, there has been a frenzy about 'Mobile Money'. A couple of success stories about mobile banking in Kenya and Afghanistan seems to have triggered a whole new craze in the tech industry about mobile money, and its potential to revolutionalize banking, whatever that means. Even the Bill Gates foundation have contributed significant millions of dollars towards the development of mobile money, as it relates to the 'unbanked', that segment of society not captured by conventional banking.
What puzzles me even more is, the initiative is not even driven by the financial sector but the tech sector. I would like to ask the house, what exactly do you understand by mobile money? What is it expected to deliver? And how come the banks have been totally ignoring it for now? Will it really change anything anywhere?
Your thoughts.
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