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The local man is not any bank. He is more a converter of digital money to hard cash. Lets say the woman asks his bank app to withdraw X amount. Bank app will sa
by davchana 5y ago
The local man is not any bank. He is more a converter of digital money to hard cash. Lets say the woman asks his bank app to withdraw X amount. Bank app will say go to this (or nearest) man and give him this code. Man gets the code, enters in his side of app, and sees the digital money in account, gives the hard cash. He does same in reverse for others who want to deposit money. At any point, maybe daily or weekly he either puts excessive cash in bank branch, or gets cash from bank branch.
Note that app is not any phone app, its more like USSD codes and or SMS banking. The man acts like a human atm, and money & kyc details are with bank or operator. Airtel mobile company used to operate M-pesa in 2007 when I was there. Basically assume if ATT opens a mobile banking division, with just USSD & SMS codes.
- TremendousJudge 5y ago>like a human atm If only there was a word for this concept
- davchana 5y agoI mean, yes, a teller. But a traditional teller is more like employee of a bank. A stand alone atm machine has more resemblance. This man will have a place/shop already, like tire repair, tea/snacks, mobile repair, clothes shop etc; & then Airtel asked them to be their M-pesa agents, as a side business.