Isaac Mkalia, 20 years old, a teacher by profession is checking his mobil phone.

We accept that we are not qualified to comment about the demonetization step taken by Indian Govt. We dont know what it will achieve and whether it is good or bad. We in Chikbuk dont believe in taking sides and try to give new spins to the stories that we come to know and also try to bring out new bits of information which our readers may find useful and fascinating . One such story is the success of m-pesa in Kenya which succeeded in realizing an almost cashless economy.

Do you know that it is easy to pay a taxi through mobile phone in Nairobi than in NewYork or Bangalore or Beijing , the so called technologically evolved cities ?

Do you know that almost all the people in Kenya have a m-pesa account in their mobile phone and can potentially transfer money to any one just by a click ?

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Do you know that Kenyan’s can get real time credit of micro loans throug their m-pesa accounts thus solving many issues of the poor and needy ?

Kenya is such a big success story in switching from a cash dominant economy to cashless digital economy. The reasons for the move is multitude. The banking was not reaching the people in the remote areas of Kenya . There was wide spread crimes in which cash was the main issue . There was wide spread bribery and black money . Does it sound familiar for us in India ?

So Safaricom , the largest mobile operator in Kenya started off m-pesa which started as a mobile wallet to which you could fill money from any of the 40,000 or more safaricom agents. These are basically the corner shops in the streets where you can give your money and the agent will fill the money in your m-pesa account

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People could then transfer this to another m-pesa account or could get the money back from another agent in another part of the country . Ingenuous but efficient and useful . And this was in 2007 .

Slowly m-pesa got engraved in to Kenyan society that it is now used for all monetary transactions and the usage of paper money has come down drastically . As mentioned above now loans and credits are also handled through m-pesa accounts which has made the life of average Kenyan so much more simple

We think that Indian govt under Narendra Modi is also looking at such a transformation in Indian economy which will become predominantly digital. This has inherent advantages as the age old barter system is inefficient and has many holes of wrong doing .

We agree that India is much larger country than Kenya and the scale that we are looking here is many times larger than what it was there. But if there is will and mindful execution we believe it can be done and India can become a shining light to other countries in the world.

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