Sub-Saharan Africa is adopting mobile financial services at a pace
seen in few other places, presenting banks and mobile-network operators
(MNOs) with a set of strategic choices that will go a long way toward
determining their success in the region.
The use of mobile financial services in sub-Saharan Africa to do such things as pay utility bills and send money to relatives could produce an estimated $1.5 billion in fees for mobile-money providers by 2019, according to research being published today by The Boston Consulting Group (BCG). The report, Africa Blazes a Trail in Mobile Money: Time for Banks and Mobile Operators to Devise Strategies, says that sub-Saharan Africans are looking for more-secure ways to borrow and save money and are open to other financial products delivered using mobile phones, including loans and insurance.
Although mobile financial services are emerging all over the world, sub-Saharan Africa’s unique circumstances—a combination of a mostly “unbanked” population and heavy mobile-phone penetration—have turned the region into an early adopter of mobile banking and a test bed for the technology’s potential. Eight of the ten countries that make the most use of mobile financial services are in Africa, and sub-Saharan Africa has the highest proportion of active accounts (43 percent).
Read more at Click here / www.trade4x.net
The use of mobile financial services in sub-Saharan Africa to do such things as pay utility bills and send money to relatives could produce an estimated $1.5 billion in fees for mobile-money providers by 2019, according to research being published today by The Boston Consulting Group (BCG). The report, Africa Blazes a Trail in Mobile Money: Time for Banks and Mobile Operators to Devise Strategies, says that sub-Saharan Africans are looking for more-secure ways to borrow and save money and are open to other financial products delivered using mobile phones, including loans and insurance.
Although mobile financial services are emerging all over the world, sub-Saharan Africa’s unique circumstances—a combination of a mostly “unbanked” population and heavy mobile-phone penetration—have turned the region into an early adopter of mobile banking and a test bed for the technology’s potential. Eight of the ten countries that make the most use of mobile financial services are in Africa, and sub-Saharan Africa has the highest proportion of active accounts (43 percent).
Read more at Click here / www.trade4x.net
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