When I first noticed them, I felt relief that banks were finally satisfied with their holdings of excess reserves and were finally stepping up their deposit (and money) creating loans and investments.

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For example, a "single account" is one account category that includes deposits in checking, savings accounts, money market deposit accounts and time deposits such as certificates of deposit (CDs).

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Money market funds and cash equivalents (short-term certificates of deposit, T-bills) will yield below 1.0 percent for several more years, thereby generating a negative real return.

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In 2007, Safaricom launched M-Pesa (M for mobile and Pesa- a Swahili word for money) which lets users deposit, transfer and withdraw funds via text message.

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