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OK, thanks! Sounds like a massive business opportunity for banking. Your village may not have an ATM but I bet it has cellphone signal. Wasn't every Kenyan SMS
by iguy 9y ago
OK, thanks!
Sounds like a massive business opportunity for banking. Your village may not have an ATM but I bet it has cellphone signal. Wasn't every Kenyan SMS-ing money around a decade ago?
- captn3m0 9y agoWe're trying this with "Payment Banks". The DBT scheme itself tries to solve it by directly debiting money from your account and crediting it to the shopkeeper's account on a monthly basis automatically, but the real implementation is still cash withdrawls as of now. The Kenyan-SMS has also led to a monopoly of mpesa in the market, which the RBI is trying to avoid by bringing some decent regulations in the space of digital banking.
- iguy 9y agoOK thanks. So maybe it will get there... with some elephant-sized teething difficulties!