Africa in Virtual Worlds

…Journal of our Experiences with Social Media and Virtual Worlds to date…

Banking Virtually in Africa…

We need to look at banking, virtual realities and appropriate software… There was a good article at in March 2007 by Malcolm Ray called ‘Africa’s Cyber Currency’ – that suggests the lead Africa is taking in the m-banking revolution. It is our belief that Africa will leapfrog and lead the world on mobile (virtual) banking. Barclays Africa CE, Dominic Bruynseels says, “It’s banking made easy, it’s something we are developing our own thoughts on because mobile phones have been way beyond the expectations of companies in Africa. And it’s an attractive way to increase our reach. On the payment side it’s been great. And from a banking perspective it’s fine as a money transfer. It’s not new, of course. The transfer of value across the world has been done by tokens. Barter is one. This is an extension of that.” “Money,” he says, “like anything else, is a tradable commodity. People buy and sell money and as long as you can establish a value for something you can trade for airtime, you can trade commodities. You don’t necessarily have to have money to trade.”

Who is with us? Your thoughts?


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