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News: Low-cost technology, Africa
Kenya sets world first with money transfers by mobile
NAIROBI, KENYA (Xan Rice) -
The ping of a text message has never sounded so sweet. In what is being touted as a world first, Kenya’s biggest mobile operator is allowing subscribers to send cash to other phone users by SMS. Known as M-Pesa, or mobile money, the service is expected to revolutionise banking in a country where more than 80% of people are excluded from the formal financial sector.
