02 Nov '12, 9am

A Mobile Money Revolution in the Developing World

A Mobile Money Revolution in the Developing World

Formerly called “Mobile Transactions,” this Zambia-based company allows people to send and receive money quickly and easily through their mobile phones. The vast majority of financial transactions in Africa are done with cash and paper, because in countries like Zambia, more than 80 percent of adult income earners are unbanked and have very limited access to computers. This is a problem, because dealing in cash is expensive, inefficient and insecure. Besides transferring money, Zoona allows people to securely store savings on their phones, receive insurance payouts, and receive and repay loans. It uses a distributed network of agents who serve as live ATMs, collecting and distributing cash for transfers and other transactions. The company is currently processing $5 million a month, with 75,000 active users in Zambia, Zimbabwe, Mozambique, and Malawi.

Full article: http://www.triplepundit.com/2012/11/mobile-money-revoluti...

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