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In Africa, people are more likely to have a cell phone than a bank account. For African migrants, sending money back home comes at a high cost: they spend an average of 12.4 percent on transfer fees.
- Kipochi, a free mobile web app for both smart and dumb phones, set up by Pelle Braendgaard of Denmark
- M-PESA, with over 18 million users in Kenya, is becoming accepted as a form of currency
- EcoCash in Zimbabwe, which is also gaining traction across the continent
- Safaricom, the telecom provider that runs M-PESA
- CoinFling, a service similar to Kipochi set up by US-based Somalian Roble Musse has already secured a deal with M-PESA, but is still in private beta
- BitPesa, a start-up by the South-Sudanese Nhial Majok who now lives in Australia, is also in the process of working out a deal with M-PESA, and is preparing for launch