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Withdraw Money In Your Mobile Phone Account From The ATM
In Kenya, the product has gone a notch higher. It is now possible to withdraw money in your mobile phone account from the ATM! That's how fast the product is gaining popularity locally. It means that the banks, who are the sole operators of ATM machines in the country, have now embraced MPesa. They had to play ball or else they were going to lose business and customers. The other new development is the intention to introduce the mobile banking product to the rest of the world. It is now official that MPesa is to go international. This version is targeted to people who appreciate cheap instant money transfer that is reliable. In my last intels, I predicted that this product is likely to cause great damage to other money transfer service providers such as banks, Western Union, Moneygram and others. Its only limitation has been lack of international presence. Now with the possibility to withdraw money in your mobile phone account from the ATM and MPesa's intention to go international, I'm made to understand that these companies are already in panic mood and have even sought protection from relevant federal agencies. It must be understood that most people who live and work in foreign countries remit huge somes of money to their relatives back home through these agencies. These people are therefore likely to opt for the cheaper, faster and more convenient means of doing it. It is impossible to compete a product like MPesa unless the other players drastically reduce their rates. Even so, they still do not have the wide spread network that is currently being enjoyed by mobile telephone comapanies worldwide. With the introduction of the facility to withdraw money in your mobile phone account from the ATM, I think there is a likelihood that in the near future mobile phones are going to be the medium of choice in money transfer business - worldwide.
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This intel was contributed by ngmaroa
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February, 2012
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