KWFT testing microloan payments via mobile phone.
In today’s edition of the Business Daily, its been reported that the Kenya Womens Finance Trust (KWFT) is currently testing micro loan repayments from its loanees using Safaricom’s hugely popular M-Pesa service on mobile phones. The pilot, if viable, will be extended to most of KWFT’s branches in coming month’s. The loan repayment pilot is being done to improve the KWFT operational efficiencies, effectiveness and convenience. Its becoming more and more apparent in Kenya that the mobile phone is far more than just a communication device, its becoming a virtual bank account and end-to-end financial service for many of us! For the full story, go here>
In fact, wikipedia claims that M-Pesa was first brought in as a payment solution for Faulu Kenya. Then something did not work out between Saf and Faulu during the testing, but the public adopted it as a money sending solution. the rest is history.