Cashless transactions

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Typhoon
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Cashless transactions

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Economist | Microfinance: bit loans
Musoni, a Kenyan microfinance firm with more than 10,000 customers and over $6.3m in loans since its launch in May 2010, is now taking the idea even further: in an effort to bypass banks and make microfinance more efficient, it has gone completely cashless—a worldwide first, claims Cameron Goldie-Scot, the firm’s chief operating officer.

Cashless transactions are more secure: they are traceable and hard to redirect. Yet combining mobile money with brick-and-mortar banks adds costs. Using services such as M-PESA also does not do much to improve microfinance organisations. Most already enjoy high repayment rates, around 97% in some cases. Efficiency gains require a more radical approach.
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