Safaricom recently broadened their horizons to include savings and loan services, all done through their mobile network. Mobile banking has been a quick and secure way to pay your bills for a long time, the limitations have been mostly for purchasing prepaid vouchers, paying beneficiaries and checking the balance on your account, Safaricom has now made it possible for Kenyans to apply for loans and open savings accounts all from their mobile phones.
With a catchy advert which has been aired on TV regularly and the mobile network which has 19 million subscribers, the latest development has been notably successful, there are concerns that Safaricom is limiting the scope for innovation and because they have only opened up the platform to the Commercial Bank of Africa that there could be a ‘monopoly or quasi – monopoly’, it is still a great innovation which allows anyone with a mobile phone, even the most basic versions, to be able to apply for loans and move money around.
For more information on this interesting new innovation, read the full article.
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