28 May 2009

Africa banks on cell phones

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Ghana cellphones
Global Post reports on how millions in Ghana are entering the banking system through mobile phone system.

“Nobody stands to benefit quite like Africa’s increasingly powerful telecom companies, the conglomerates who built this continent’s cellular towers and enable its calls.

“These guys are going to be more powerful than Google, more powerful than Microsoft, within the locality in which they operate,” Amankwah said. “Already, telecoms move more money than the banks. And they have control over the channels — it’s their sim card. You’re using their network.”

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