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Recent coverage on the blog brought us news on how Vodafone Fiji is pushing forward with a new mobile phone banking system. The front-runner for such efforts remain Safaricom in Kenya. Recently, they announced the launch of complementary services to the millions of users of M-PESA:
Safaricom and Equity Bank were joined by Kenyan President Mwai Kibaki as they announced a new product called M-Kesho, an interest-bearing savings account. Kenya’s 9.4 million M-PESA users will have access to mobile microsavings, microinsurance, and other banking services with Equity Bank
Vodafone Fiji recently announced the launch of the M-PAiSA pilot program. The news places Fiji firmly amongst the group of early adopters of mobile phone banking services.
In the past, this blog has featured articles on what it means now that technological innovation can come from all over the globe. It is a great feeling to be able to point to an example now in my own country.
With the launch of this service, we can see some of the unintended benefits of telecommunications liberalisation. Competition in mobile phone service has meant that providers would have to deliver new and innovative services and offerings to differentiate themselves to consumers.