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The Banking Business is Doomed
I think the banking business is now threatened. With the advent of mobile phones, some mobile phone companies have introduced innovative services that have caused shockwaves in the banking industry. Take the hugely successful MPesa for example. This product by Safaricom of Kenya is probably the first to employ real mobile banking technology in the world and is the most known and widely used. It currently boasts of more than 5 million registered users in the country and the number is growing. At first the main strem banks ignored it hoping it would not compete their services. Then they realized the thing was gaining popularity among the low and middle income groups. The exponential growth registered by the new service caused a national panick and they immediately sought the protection of the Central Bank, the monetary regulator in the country. But then the horse hard long bolted. So popular had it become with the ordinary folks that they threatened to boycot ordinary banking services if MPesa was discontinued. Naturally CBK had to play ball otherwise the ordinary folks could have revolted in a scale beyond comprehension. MPesa was unconditionally allowed to operate. Realizing that fighting the product was not an option, smarter banks decided to embrace MPesa. In fact a number of them have already registered as agents of this new kid on the block. It is just a matter of time and the rest will follow suit. They simply do not have a choice. So what is this MPesa thing and how does it operate? Find out in my next intel. |
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This intel was contributed by ngmaroa
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May, 2012
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