"How much should do you think I should deposit?"
In three words, this describes the vision of Mobile Transactions. I’ve been with them for only a month and a half, but I already see this vision becoming real.
A large client of ours (and a part owner in our company) is Dunavant, a multinational cotton company. Their business model in Zambia uses a network of farmer-agents spread out across cotton growing areas. This network coordinates loans and provision of cotton inputs, and each of these farmer-agents are paid commission for their work.
Until now, this payment was done in cash: armed trucks, men with guns, and long driving distances up and down Zambia. Dunavant now wants to use our mobile money account technology instead. Farmer-agents would have an account on their phone, and Dunavant would pay them in a single electronic financial transaction, just like sending an SMS. To collect their money the farmer-agents would go to any of our company’s agents, of which there are 70+ spread across all parts of Zambia.
But there was a surprise inside all of this. My Zambian co-worker Sydney and I were out training Dunavant’s farmer-agents about the idea of a mobile money account. As we spoke, and as they asked questions, the whole subject turned from how they would get paid from Dunavant to the possibilities that come with having a “bank” account.
“I can store my money on my phone? I don’t have to take it all out at once?”
Yes.
“How does it stay safe? I’ll have a secret PIN code so I’ll be the only who can access my money?”
Yes.
“You’re saying that I can deposit money as well? So if I sell my maize or soy beans I can go to an agent and deposit, for free?”
Yes.
“And what about the fees? Are there monthly fees? a minimum balance?”
No, the only recurring fee is K1,500 ($0.20) to withdraw money.
It quickly became clear that these were men, good farmers at that, who had never had a bank account, never had a place to store and save their money, and were now being offered exactly that.
All of this adds up to a little less cash, and a little more satisfaction, which is exactly what Mobile Transactions’ vision is all about.
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The First Mile 
An article in the economist about this same thing, and it mentioned Zambia as one of the places where its being pioneered! Very exciting!
This reminded me of an interesting podcast from Planet Money on financial instruments used by people without access to savings accounts or lines of credit:
http://www.npr.org/blogs/money/2009/07/hear_making_a_life_on_2_a_day.html