At the same time 1bn people throughout Africa, Latin America and Asia own a mobile phone.

Currently 2.7bn people living in the developing world do not have access to any sort of financial service. At the same time 1bn people throughout Africa, Latin America and Asia own a mobile phone.

As a result, mobile money services are springing up all over the developing world. According to mobile industry group the GSMA there are now 65 mobile money systems operating around the globe, with a further 82 about to be launched.
It means their M-Pesa accounts will no longer be just about money transfer. Instead, they will become virtual bank accounts, allowing customers to open saving accounts, earn interest on their money and access credit and insurance products.

It is an extension to an earlier agreement with Equity Bank to allow M-Pesa customers to access their funds at ATMs around the country.

CGAP, a financial think tank based at the World Bank, was at the launch of M-Kesho.

"Kenya is sending a message to the world: poor people want savings accounts. Mobile banking is a powerful way to deliver savings services to the billion people worldwide who have a cell phone but not a bank account," said CGAP chief executive Alexia Latortue.
Now it is ready to move to the next stage. M-Pesa, has recently partnered with Kenya's Equity Bank to offer subscribers a savings account, called M-Kesho.
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