Widespread cellphone adoption in Africa is helping the poor bypass access to traditional banking structures such as
cash machines, credit cards, and even banks themselves. MTN Group, one of South Africa's major cellphone networks, has
partnered with one of the country's largest banks to launch a new cellphone banking system that we see the entry of
millions of poor south Africans into the official economy for the first time. The system is designed for low-income
users who have traditionally been under-served or ignored by the region's banks. It replaces the physical bank
infrastructure with a system that uses a patented security mechanism that allows transactions to be made via phone
calls. There are no subscription fees, but per transaction charges will be levied.