Future Finance
Mobile Phones Are Replacing Bank Accounts in Africa
A service that allows people to withdraw or deposit cash by text has become an indispensable part of life
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It doesn’t look like the hub of an online bank. But that’s what the yellow and blue metal kiosk becomes when Albert Agane locks himself behind the metal bars every day at 6 a.m.
From his perch along a dusty suburban thoroughfare in Accra, the 28-year-old helps fellow Ghanaians withdraw or deposit cash for accounts they operate from their mobile phones. All they need do is text.