The Vodafone M-Pesa mobile money transfer service is being used by more than 25 million customers, the company has revealed.
For the 12 months until 31st March 2016, the number of active M-Pesa customers increased by 27.1%.
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A new report from Juniper Research expects mobile phones to be used for money transfers by almost 400 million people worldwide in 2018.
That’s more than two and a half times this year’s total, which is expected to be just under 150 million.
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Joe DeCapua of voanews.com writes:
Mobile phone use in Africa has spread far, wide and fast. By the end of last year, it was estimated that 70 percent of the population would have a mobile phone. Now, the International Federation of the Red Cross and Red Crescent Societies says it’s using the technology to save lives.
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The M-Pesa mobile payment and money transfer service, which was launched five years ago in Kenya by the Safaricom network, has been joined by a savings and loan facility called M-Shwari.
The new facility has been set up by Vodafone, Safaricom and the Commercial Bank of Africa.
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A new research report from Berg Insight expects the number of mobile money users in emerging markets to grow from 61 million active users in 2011 to 381 million by 2017; a compound annual growth rate of 36%.
Meanwhile the total value of mobile money transactions is forecast to grow from $44 billion last year to $395 billion (£246 billion) in 2017, the equivalent of a 44% increase each year.
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