But not in 'our' world. There's more innovation in countries where there is no pre-existing banking infrastructure, something we've also seen in telecoms. And it are exactly those developments that have paved the way for mobile banking in a way we hardly see in Europe for instance.
"Although many Western research companies still stick to the idea that mobile usage remains the preserve of the relatively well off, many countries in Africa are showing through prepaid, handset sharing and the sheer desire to own a mobile despite having very little income, that mobile service can reach all parts of the populace. The great advantage for m-banking in African countries is that the conflicts between the stakeholders simply don't exist in the same way as in Europe and the West. Most of those players have little or no current business in the area, and see m-banking as an opportunity, rather than a threat, to their business models."