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Asean can take a leaf from Africa's M-Pesa

Countries with low levels of bank accounts and high levels of mobile phone penetration are ideal for mobile money platforms.

MONEY LINK: In Kenya, Tanzania and Uganda, more people have mobile money accounts than accounts with financial institutions, while in Rwanda, mobile money account holders make up 43 per cent of bank account holders.

IN 2007, Safaricom launched M-Pesa, a low-cost money transfer service in Kenya that enabled users (especially those without bank accounts) to send and receive money fast, conveniently and safely through their mobile phones. Users can deposit and withdraw money, and send money to others,