Free mobile banking network launched in South Africa

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In South Africa, an estimated 13 million people — 27% of the population — are currently without bank accounts. Simultaneously, 94% of the adult population possess a cell phone. Just as M-PESA realized the potential for mobile technology to bring banking to the masses at low costs, the Branson Centre of Entrepreneurship and Forus Financial Transaction Services will similarly be launching the Mahala Free Banking Platform in May 2011.