South Africa: Banking Via a Cellphone and a Shack

Jun 2011
Khayelitsha Township, South Africa, June, 13 2011 - Mobile-phone subscriptions in Africa have jumped from 90 million in 2005 to an estimated 333 million in 2010, according to the United Nations. In South Africa alone, cellphone-banking subscriptions—offered by all of the country's big four banks—grew 21% between July 2009 and June 2010, according to the most recent figures from the nation's central bank. As a result, financial firms are deploying mobile-phone services to reach once-unreachable customers.

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