What's next for Kenya's mobile money revolution (Videos)?

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Eight years ago, when your phone buzzed you knew it was probably a text message. But then Kenyans started sending money to each other on their mobile phones — and everything changed. This mobile money revolution, brought about largely by a popular money transfer system called M-PESA, wowed other African countries and economies around the world.

In the last five years, Africa has had the fastest telecoms growth in the world. A chunk of that growth has been in Kenya, where roughly 80% of the population subscribe to a mobile service.

“People will often sacrifice on the quality and the quantity of the food they eat, but will not sacrifice on how much they spend on the mobile phone,” says Bob Collymore , the CEO of Kenya‘s largest telecoms company Safaricom which launched M-PESA in 2007. “It’s an essential part of their daily lives.”

Read more: What’s next for Kenya’s mobile money revolution? – CNN.com

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