Kenya is ahead of the curve in fostering mobile payment services, providing fertile ground for adoption of international remittance services via mobile phones, a World Bank brief on global migration and remittances.
The country is ranked together with the Philippines, with the two having existing eco-systems of domestic services built around mobile phones.
Ã¢â‚¬Å“Most other countries are much further behind at this point,Ã¢â‚¬Â the brief reads in part.
SafaricomÃ¢â‚¬â„¢s M-Pesa has been the most successful mobile money transfer platform, domestic and internationally. A revised methodology of estimating remittances in Kenya and Nigeria has increased the volume of remittances to Sub-Saharan Africa.
Ã¢â‚¬Å“In the past, data on KenyaÃ¢â‚¬â„¢s remittances reported in the IMF BoP (Balance of Payment) statistics were significantly smaller than data cited by government officials. We currently report the data by the IMF BoP,Ã¢â‚¬Â the World Bank says in the brief.
As of early 2012, only 20 per cent of 130 mobile banking operators globally offered international remittance services, in which major players are G-Cash and Smart in the Philippines, M-Pesa in Kenya and Tanzania, and Digicel in Fiji, Samoa and Tonga. Officially recorded remittances to developing countries are expected to reach $406 billion in 2012, up from $381 billion in 2011.
Source : abdas.org