Africa’s cellphone boom creates a base for low-cost banking [Christian Science Monitor]
Cellphones are already used for music downloads, text messaging, and video games. But here in South Africa, they are beginning to perform another function: personal piggy bank.
With the new technology, a grandmother in rural area can receive money from her son, working hundreds of miles away, with the beep of her cellphone. A teenager can buy groceries with a few punches of keys. Not a coin need change hands.
It’s a high-tech solution designed to help poor people here who never have had access to banks, cash machines, or credit cards. And it’s another example of using digital technology to fast forward development in remote areas.