Move to ‘Cash-Light’ Economy Over Next Five Years

East Africa’s biggest economy, will introduce regulations to help develop a “cash- light” economy over five years as it seeks to lower financial transaction costs, a senior Treasury official said.

“We need to see a dramatic reduction in costs for financial services and this cannot be achieved using the models of the past,” Geoffrey Mwau, the Finance Ministry’s economic secretary, has said. “It will be driven by technology. It means moving away from using cash as a primary payment mechanism. That’s key for becoming a cash-light economy over the next five years.” read on: http://www.businessweek.com/news/2011-09-16/kenya-to-move-to-cash-light-economy-over-next-five-years.html