mPesa

Lately, I have been puzzled by the proliferation of bank-mobile operator partnerships in the developed and emerging countries.  The mobile carriers provide the remittance or payments instructions, and the banks move the money, conduct the foreign exchange (e.g., into/out of U.S. Dollars) and deliver the cash or credit to the intended recipient.  

Are the banks really necessary in this money transfer process?  No, they are not, and have not been for years - try over a hundred years! Read more » about When Mobile Telecommunications Routes Become Banks