In 2007, Safaricom, Kenya’s leading mobile phone operator, launched M-Pesa (“M” for mobile and “pesa,” the Swahili word for “money”), which has become the world’s leading example of mobile money. Mobile money, which allows cash to travel as fast as a text message, is not an extension of banking. It is a new form of banking, just as cell phones are a new form of telecommunication rather than an extension of landlines. Unlike mobile banking, mobile money does not necessarily need a banking infrastructure. read more