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M Pesa: The Future of Banking?

SafariCom (in association with Vodafone) has set up a revolutionary new system for mobile money transfers in hard-to-reach places such as some of the villages in Kenya. This new technology, with numerous centres where people can upload money onto their mobile phones and transfer it instantaneously to family or use it to make payments, has caught on like wildfire in Kenya.

Check out this video for more details:

http://www.youtube.com/watch?v=zQo4VoLyHe0

Clearly, M Pesa makes the lives of these people much easier….the question then, is, does this service essentially replace banking services in rural, under-banked areas?