Mobile banking in developing countries

Abstract

This Master’s thesis examines the feasibility of eBusiness in developing countries by looking at the current mobile banking solutions. The research involved reviewing literature that was relevant to the research questions. It was discovered that the Wizzit and M-PESA are the current solutions to mobile banking. Furthermore, it was found out that the Wizzit and M-PESA were either transformational or additive. Additive mobile banking is the use of mobile phones as a channel to provide services to existing customers within financial institutions. Transformational mobile banking extends financial services to the unbanked. The results of the thesis are M-PESA works with only Safaricom while on the other hand Wizzit has compatibility with any mobile operator. The other result is that both M-PESA and Wizzit are transformational mobile banking technologies at the sametime Wizzit is an Additive mobile banking technology. Wizzit can provide financial services to both the unbanked and existing bank customers. It can be said the merits of Wizzit outweigh those of M-PESA which makes Wizzit better.