Monday, March 12, 2007

We have new money!

The way I see it, we have an alternate currency to transact with.

The launch of the new money transfer service by Safaricom (M-Pesa) goes beyond just sending money to folks in shags. The service effectively transforms my mobile handset into a wallet in which I can store money and from which I can pay for goods and services.

If my local butcher has a mobile phone, what's to prevent me "m-pesaring" him with two reds in exchange for a kilo? He will just need to visit a Safaricom agent the next day to get his cash.

If the mama mboga has a mobile phone, what's to prevent me m-pesaring her the one red in exchange for the tomatoes etc?

Why, I'll be able to withdraw from my mobile and pay for drinks at my local!

I am excited.

It's even more secure.

If I dont want to carry the 10k cash on a journey, I will just load the dough into my mobile and at a small fee redeem the units at the other end. In case my mobile phone is stolen or lost, anyone having it will need a pin number to transact.

So if all traders have a mobile phone number to which we can m-pesa them, we need not carry cash.

9 comments:

Anonymous said...

I have been lurking for a while now...hehehe....seen my footprints? tihiii. This M-Pesa concept is interesting...i need to read more about it. I would like to use it if i can send someone cash via the service, that would be so convenient!

Anonymous said...

Look out for a business revolution coming to a town closest to you. A few friends and I have been working on an e-commerce start-up that will leverage the exact service that M-Pesa is offering right now.

mama shady said...

ooooo, i had not thought of the safety aspect!quite thrilling. but i also have to read up on this kidogo. all i can picture now is my small sis asking me to sambaza her credit from here.the burdens of sisterhood;)

meek meek said...

kwani i cant be helped for free?

Anonymous said...

@Aegeus,
Yeah quite convenient. Especially for those folks who dont have bank accounts. And they are many.

@Anon'
Looking forward to that! All the best.

@Mamashady
ooooooo, kumbe there's no baby shady! Pole heh heh.Your Sis, msambazie chapaa, msambazie.

@mim
What's for free in this world my dear?

meek meek said...

what wahindis??....?

Anonymous said...

Eh!! I saw it being advertised but I lengad it.. Kumbe it's got such features.. I guess like methu am goin to read bout it and see if I will implemen coz it seems like a sure convenient way to transact

Klara said...

I loved that too! I think it's great

Unknown said...

Thanx for the hit IZO I can see Methu's revolution has really caught every one.