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Vodacom Releases M-PESA (Cell phone banking) in SA

Cell phones today can do just about everything. And thanks to a new cell phone service, South Africans can now add debit card/banking account to the list.
 Vodacom and Nedbank launch cell-to-cell money service.
 
 
Cell phones today can do just about everything.

And thanks to a new cell phone service, South Africans can now add debit card/banking account to the list.

Vodacom and Nedbank recently unveiled their M-PESA service, a revolutionary cell phone service that allows people to store money on their cell phones and transfer it across the country with the touch of a button.

Developed by the Vodafone Group, M-PESA makes it easy to transfer money from person-to-person using only their cell phones. It is widely considered the best answer to combat the nearly 13 million South Africans that do not have active bank accounts to store funds.

Experts predict success for the M-PESA service, as almost 10 million people have already adopted it in Kenya.

“There are other cell phone banking products and money transfer services out there, but there quite simply is nothing like M-PESA,” said Vodacom Group CEO, Pieter Uys in a press release. “The beauty of this service is the ease and speed with which people can send money to each other anywhere in the country.”
It is designed to also include those who do not have access to bank accounts.

How Does It Work?
Funds can be transferred onto any Vodacom cell phone at M-PESA outlets so it’s like having instant cash or a debit card in your hand. At outlets, customers register for the service and deposit money into their M-PESA account. Once customers have money in their account, they can send it to any other cell phone in South Africa. The recipient can then redeem the cash at any of the M-PESA outlets or at a Nedbank ATM. The service is available to anyone, however, as you do not have to be a Vodacom or Nedbank member to receive M-PESA. It has the power to reach all cell phone users in the country.

And you can bet it sure beats stashing money underneath your mattress.


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