vodacomM-Pesa, a mobile-phone based money transfer service for Safaricom and vodacom, has now been launched in Mozambique by a leading mobile phone company Vodacom- SA

According to the governor of the Bank of Mozambique, Ernesto Gove, the existence of a strong and stable financial system that is comprehensive and inclusive is an objective that must be realized for the benefit of people living in districts without any point of access.

He said, adjustments to the legal and regulatory framework in 1999 and 2004 paved way for new forms of financial institutions and the emergence of new services and products.

Launched in 2007 Kenya M-Pesa has spread quickly, and has become the most successful mobile phone based financial service across 8 countries, Kenya, Tanzania, Afghanistan, South Africa, India and the Democratic Republic of Congo and now Mozambique .Worldwide it has 17 million users.

According to the researchers, there are about five million subscribers to mobile phone services, which is about a quarter of the population.