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M-Pesa (centralized digital currency) and M-Payer in Obama’s Kenya
WOBIK Blog
February 25, 2016
by Lucas Daniel Smith
Excerpt (from WOBIK report written by Lucas Daniel Smith):
What does M-Pesa mean?
Pesa is a Swahili word for money and the M is for mobile.
If you’re an American who hasn’t traveled to the developing world you may not know that cell phone minutes are a huge business in most of these countries. Furthermore, the minutes are typically much more expensive than the what we’d ever dream of paying in the United States.
Landlines are usually uncommon and having one installed, if even possible, would be significantly more expensive than just purchasing a cell phone
Phone conversations are usually short, concise and to the point because most people cannot afford the minutes.
Back in or around the year 2002 it appears that people in Kenya (and other countries in Africa) started swapping their cell phone minutes among each other as a form of money.
It was also an easy, effective and free method of transmitting money to friends and family who lived in other other towns or across the country.
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Read more at:
http://www.wasobamaborninkenya.com/b...-obamas-kenya/