Mobile banking is expected to grow to $22 billion by 2015. It is being propelled due to higher rates of cell phone ownership, greater acceptance, and wider knowledge of the service. Cell phone usage in Africa has grown from half a million people a decade ago to an expected 800 million by 2015.
The mobile banking industry's dramatic moves are being fed, in part, by successes such as Safaricom - one of the major suppliers of mobile banking services in Africa.
Safaricom began with a $1,000 four yeras ago. Safaricom now runs 218 outlets across the globe. While successful thus far, several starup companies are gearing up to complete one for the online music market.
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