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Tonight's 60 Minutes covered the "mobile money" revolution that has swept Kenya, allowing people to send and receive money on their cell phones without having bank accounts or credit cards. The special video report details how M Pesa has improved commerce and brought basic necessities to poorer areas.
While most transactions here are still in cash, M-PESA is used by over 19 million Kenyans or 90 percent of the adults -- from the well-heeled to the shoe shiner. This technology was actually invented in England. But it is here in Kenya where innovation using M-PESA is taking off. We visited the iHub in Nairobi where local technology startups are inventing new ways to use mobile money. Bob Collymore: And that mobile money system now acts as a terrific platform which a lot of other innovations has used as a springboard. And the new phrase around town is the Silicon Savannah.
http://www.cbsnews.com/news/future-of-money-kenya-m-pesa-60-minutes/
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