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Mobile money, an electronic payment solution that lets users send and receive money using their mobile phone, was introduced in nigeria in 2009 to foster financial inclusion of the unbanked.
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Which is the best definition of mobile money?
Mobile money is the use of telecommunication platforms or networks by mobile phone subscribers to perform banking services.
Where was the concept of mobile money invented?
The concept of mobile money was first invented in South Africa in year 2002 (Nyaga, 2013) by Hannes van Rensburg, CEO and founder of Fundamo (Meaning Fundamentally Mobile). The launch of this mobile pay platform using Short Message technology (SMS) was initiated in collaboration with Celpay Zambia.
What are the effects of mobile money innovation?
In the financial year ending March f7 EFFECTS OF MOBILE MONEY INNOVATION 2016, transactions worth 5.29 trillion shillings ($52.6 billion) were conducted. This is equivalent to 85 percent of the total national economic output (Safaricom, 2016).
Is there any research on mobile money in Kenya?
Research on Mobile Money Earlier research on a similar topic was conducted by Okuku-Magacha (2012), to investigate the impact of ICT on mobile banking in Kenya. It was found that the security measures put in place by Safaricom ICT department to secure M-Pesa users are acceptable to majority of the respondents.
Last Update: Oct 2021
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