Bob Collymore, the CEO of Kenya’s largest cell phone provider, Safaricom, says his company sought to solve the problem. While a majority of Kenyans don’t have a bank account, eight in 10 have access to a cell phone. So in 2007, Safaricom started offering a way to use that cell phone to send and receive cash. They call it M-PESA: m stands for “mobile;” “pesa” is money in Swahili.
Bob Collymore: It is often referred to as Kenya’s alternative currency. But safer and more secure.
Lesley Stahl: You’re texting money?
Bob Collymore: You are effectively texting money.