Safaricom Kenya to launch text loan & other banking services

Link: allAfrica.com: Kenya: The Next Big Thing (Page 1 of 3)

Safaricom is preparing to roll out a low-cost money transfer system that will turn users’ phones into banking instruments.The move is expected to see the mobile operator shake up the financial services sector by making transactions faster, cheaper and more secure.

M-Pesa (short for Mteja-Pesa) will allow customers to borrow, transfer and pay money using SMS text messaging. Customers will also be able to access virtual loan accounts.