Michael Jordaan News

M-PESA - Mobile money in East Africa (Reuters/Noor Khamis)

In South Africa and Nigeria, banks want to be phone companies. In Kenya, the phone company is already the bank

There has been so much discussion about the impact of the mobile phone on the financial industry in African countries but this tweet by former bank boss Michael Jordaan, who is now a venture capitalist, best sums things up: “Telcos becoming banks (MPesa) and banks becoming Telcos (FNB Connect). Africa is leading bank/telco convergence.”