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Thread: Cellphones make up for lack of automated bank teller machines

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    Site Caretaker Dave A's Avatar
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    Cellphones make up for lack of automated bank teller machines

    It seems technology could come to the rescue of nearly a billion African citizens who do not have ready access to banking facilities.
    Services have sprung up that let people transfer cash by text message to other cellphone users and give Africa's vast number of "unbanked" their first access to financial products. Instead of using a bank branch, these services rely on local retailers who already sell mobile top-up cards.
    full story from M&G here
    My only question at the moment - I wonder what the handling fees are going to be?
    The trouble with opportunity is it normally comes dressed up as work.

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    Moderator IanF's Avatar
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    The mind boggles with the reconciling needed for this, the systems would have to be very robust to cater for towers down, retailers not having cash etc. But I am sure that this has been taken care of and is an exciting development to watch
    Only stress when you can change the outcome!

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    Site Caretaker Dave A's Avatar
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    Maybe retailers short on cash just give the change in Chappies?

    It would be similar to using a debit card at retail venues geared for that.
    The trouble with opportunity is it normally comes dressed up as work.

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