Thursday, 30 April 2009
Can The Mobile Phone Kill The Bank?
Let's hope so, eh? A fascinating piece from the Guardian tech section on how Kenyans are by-passing banks by using an online service called M-Pesa to pay for goods and services using their mobile phones. Yes, I know, the possibiities for fraud must be legendary here, but there is one very simple advantage: using a service like M-Pesa means that money transfers take 14 seconds. Not the three days which the average bank takes, in which time your cash has been invested in something dodgy, accrued interest and made the bank more money. Which is probably the same bank which your taxes recently bailed out and awarded a £750,000 a year pension to the fat, obnoxious, incompotent, Rotarian gas-bag that sold it down the toilet in the first place and who...
Read more here.