Holiday in Ghana: The Impact of Cellular in Developing Countries

May 3, 2010

ECNmag.com

In his blog post, Rupert Baines of ECN magazine tells the story of a rising paradox in many developing countries across the globe.  Countries like Ghana, that exhibit many of the telltale signs of poverty, are also assuming an astonishingly rapid modern identity with the advent of mobile banking.  Baines, while on vacation in Ghana with his family, observed this phenomenon and took note of how it has impacted daily life for business owners.  A similar mobile banking system in Kenya, M-PESA, has been the focus of CFSP member Tavneet Suri’s research, which was highlighted in his post.  The presence of M-PESA has changed the way Kenyans do simple transactions, such as transfers.  "In these sorts of economies, there's not much of a bank presence, but money transfers are still important," notes Suri. "People do them all the time.”