In Kenya, business owners use a mobile money transfer service to help customers get access to cash Who is doing it: Kenyan telecom provider Safaricom offers the M-Pesa mobile money transfer service to its 12 million subscribers. Shopkeepers, banks or other business owners can register as agents who accept deposits, dispense cash or use their phones to debit customers’ accounts. For example, Mama Wanja, a business owner who runs a shop in central Kenya’s Thika district, extends credit to customers and debits their M-Pesa accounts when it’s time for them to pay their bills. More on CIO.com Vodafone and Western Union to Partner on Money Transfers Mobile Phone Banking Poised for Growth in Africa How it works: Individuals or financial institutions can send money electronically to M-Pesa or make cash deposits through an agent. Safaricom charges a commission for transfers based on the amount of the transaction, but a deposit is free. The commission is then divided between Safaricom and the agents. There are five million registered M-Pesa users; individuals who are not registered can still use the service, but pay more for it. Growth Potential: Too early to tell. In its first six months (ending last September), M-Pesa had yet to break even. John Kamau, general manager of NetLink Limited, a retailer of mobile devices and services, thinks fees for the service will drop and the market will expand once other mobile providers in Kenya launch their own money transfer services. Related content feature 4 remedies to avoid cloud app migration headaches The compelling benefits of using proprietary cloud-native services come at a price: vendor lock-in. Here are ways CIOs can effectively plan without getting stuck. By Robert Mitchell Nov 29, 2023 9 mins CIO Managed Service Providers Managed IT Services case study Steps Gerresheimer takes to transform its IT CIO Zafer Nalbant explains what the medical packaging manufacturer does to modernize its IT through AI, automation, and hybrid cloud. By Jens Dose Nov 29, 2023 6 mins CIO SAP ServiceNow feature Per Scholas redefines IT hiring by diversifying the IT talent pipeline What started as a technology reclamation nonprofit has since transformed into a robust, tuition-free training program that seeks to redefine how companies fill tech skills gaps with rising talent. By Sarah K. White Nov 29, 2023 11 mins Diversity and Inclusion Hiring news Saudi Arabia will host the World Expo 2030 in Riyadh By Andrea Benito Nov 28, 2023 4 mins Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe