Posts Tagged ‘mobile money’
Bob Collymore, CEO of Safaricom Cellular creator of M- Pesa mobile money in Nairobi, Kenya Money Quotation saying Banks in Kenya had less interest in establishing mobile payments because the banking lobby was not interested in the relatively small profits. Bob Collymore, CEO of Safaricom Cellular creator of M- Pesa mobile money in Nairobi, Kenya said:
“The most effective barrier for the success of mobile money around the world is the banking lobby” — Bob Collymore
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In this quote, Bob Collymore is referring to the challenges faced by mobile money services in gaining widespread adoption globally. The best interpretation is that Collymore believes the banking industry (“the banking lobby”) has actively worked to prevent the success of mobile money platforms that could compete with traditional financial institutions.
He sees the banking sector as forming a significant “barrier” through their political influence and efforts to protect their existing business models from disruption. Collymore is suggesting that entrenched banking interests have slowed the growth of mobile money technology that threatens their dominance in financial services. The overall message is that, in Collymore’s view, the banking lobby has exerted disproportionate power that has undermined fair competition from innovative mobile payment systems.