‘Thin SIMs’ set to transform African mobile money
Kenya’s mobile money industry could undergo a serious shakeup thanks to new technology. A Kenyan bank is rolling out its own mobile network using a new paper-thin SIM card that sits on top of an ordinary SIM. But industry leader Safaricom says thin SIMs could lead to data theft and fraud. Reports Hilary Heuler on HowweMadeitinAfrica
For years mobile money, perhaps Kenya’s most successful invention, has been transforming the way Africans do business and send money home. The service was launched by Kenyan mobile operator Safaricom, and in Kenya, Safaricom’s M-Pesa enjoys a near-monopoly when it comes to transferring money via mobile phones.
But now the company could be facing its first serious challenge, in the form of a new technology that threatens to upend the mobile money sector.