Vodafone launches 'MPesa' mobile banking service in Ghana

Vodafone has launched a mobile cash transfer system in Ghana, to be called M-Pesa, which will allow users to load money on to their phones, and then send the funds anywhere in the country through a text message; recipients of the funds can then pick up the cash at any shop offering the service. The offering will target the 64% of the population in Ghana that have no bank account. The service is already operational in Kenya, Tanzania, South Africa, the Democratic Republic of Congo, Mozambique, Egypt, Lesotho, India, Albania, and Romania, with more than 2 billion transactions made using M-Pesa in the six months to 30th September, up 26% YoY.

Vodafone has launched its mobile cash transfer system in Ghana where 15m people do not have a bank account.

The service, called M-Pesa, will be branded Vodafone Cash in the West African state. It allows mobile phone users to load money on to their phones, just as pay-as-you-go customers can top up their credit.

They can send the funds anywhere in the country with a text message. Recipients can pick up the cash at shops that offer the service.

Moving money: The service, called M-Pesa, will be branded Vodafone Cash in the West African state

Ghana, where 64 per cent of the population have no bank account, will be the 11th country to offer Vodafone Cash.

It launched in 2012 and is already available in Kenya, Tanzania, South Africa, Democratic Republic of Congo, Mozambique, Egypt, Lesotho, India, Albania and Romania.

More than 2bn transactions were made using M-Pesa in the six months to September 30, up 26 per cent year-on-year.