Africa has embraced mobile banking, so what's the hold-up here?

You can use it to pay for everything from beer to cattle - one Masai farmer told the BBC that when he sells cows in Nairobi, he puts the money on his phone to ensure that robbers can't get his cash.

via news.bbc.co.uk

Though the tech behind said banking isn't fully explained, it seems from the video that transactions are handled through SMS.

Perhaps it's not as elegant as swiping a Japanese keitai across an RFID reader, but surely something like this would be easy for a bank to set up...?

Posted via web from Andrew Currie on Posterous