NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

SendSpend has officially launched its global payment system which enables the unbanked to pay online and remit money instantly to each other using only a smartphone.

Simply put, millions of unbanked customers throughout Africa with an Internet connection and access to a smartphone will soon be able to use SendSpend, a payment system not restricted to a particular mobile network or financial institution.

The platform, which is now available in South Africa, is entirely digital and free for consumers, who can use SendSpend within minutes of registering via a downloaded App.

Photo courtesy of Monito.