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A few years back, the mobile phone was a luxury and only the very rich could afford one. This has changed with time and right now everyone has a cell phone which can do more than just make a call or send a text message. One of the most functional services that the mobile phone has been offering customers is money transfer services. In Africa, especially Kenya, many people who had been locked out of the banks due to the many requirements that were needed, have been able to transact on their mobile phones with a lot of ease. Through the mobile phone, people can buy talk time, pay their utility bills, transfer funds to their business partners or suppliers, access their bank details as well as receive payments from various parties. The transactions are flexible as one can initiate them at the comfort of their homes as long as they have some funds in their account. International barriers to transacting have also been reduced through international mobile money transfer services. You may be wondering about the security of the funds on your mobile phone. Everyone registering for the mobile money transfer services will do so with their original passport or recognized identification. They will then have a unique password and a secret word that they are vetted on before any transaction can be carried out. Each user has to hold the vetting data as confidential to prevent occurrence of fraud. Will the cell phone come to override the use of credit cards, hard cash payments and use of checks? Only time will tell. Stephen is an Business Organizing Expert . He researches and studies on big and small business strategies . Website:- Business Management Solutions for efficient business operations.
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