Hello @Joe, am replying in-line below, some thots. Cheers. :-)

On Wed, May 19, 2010 at 9:19 AM, Joe Murithi Njeru <joe.njeru@gmail.com> wrote:
> Hello Aki,
>
> Benefits to Kenyans
> 1. M-Kesho is a savings account with Equity so now you earn interest on
> your savings.

How does one one open the account? By simply sending a text message or
going physically going to the bank and opening the M-Kesho account?
Therefore I'd need to have a Safaricom Mpesa number as a account
opening requirement?

I'm not sure on the details will have to wait till someone does this and informs us.

> 2. M-Kesho will be able to offer loans from Kshs.100 - Kshs.5000

I thought Equity was already offering this and thus one reason why
Equity was a successful benchmark to other banks.

But now you can do it through your phone into your M-Kesho account.

> 3. M-Kesho will allow deposits via MPESA directly

This is a new development and an excellent one. What secure measure
have been put in place to ensure that the amounts deposited reflect
the mpesa transfer and prevent fraud or amoutns that go electronically
missing? It happened to my Mybtes, it can happen to your money too.

Thats a risk you carry with every electronic system not just M-Kesho, even big banks lose your money or debit your account twice.

> 4. M-Kesho will allow Kenyans to buy insurance electronically
>

This is pretty standard with any bank these days. However, since the
target is low income and those who lacked the banking facilties what
insurance rates is Equity offering on low income earners and those who
do not have access to such facilties. If I held Ksh 24,000/- PA, what
cover does this amount offer?

I don't know the rates they are offering.

What is phenominal about the whole product is the ability to scale. Equity has 4.5m bank accounts and MPESA 10m accounts. 
The unbanked and uninsured will now have access to these services through their phones. Can you imagine the mobilisation of savings? 