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FINANCIAL TECHNOLOGY - Mobile money brings financial inclusion.

Summary: With one in three mobile connections in sub-Saharan Africa linked to a mobile money account, new technology is bringing millions into the financial fold.

Mobile has the power to transform lives. It can re- duce poverty and provide people with access to services such as healthcare, education and financial services, often for the first time. The growth of mobile is nothing short of remarkable. Right now, 4.7bn unique mobile subscrib- ers across the world are benefiting from the social and economic advan- tages that mobile connectivity brings, making up some 7.7bn connections. In sub-Saharan Africa, more than half a billion connections are forecast by 2020.

Financial inclusion

In this context, the mobile industry is leading financial inclusion in Africa through the provision of mobile money. Mobile money leverages the ubiquity of mobile phones and the extensive coverage of mobile networks and retail infrastructure to offer customers more secure and convenient ways to access send, receive, and store funds, contributing to greater financial access and economic empowerment.

Across sub-Saharan Africa, one in three mobile connections is linked to a mobile money account. Of the 411m mobile money accounts globally, over half (223m) are in sub-Saharan Africa. The region also accounts for the majority of live mobile money services, as well as the majority of transactions: in December 2015 mobile money providers in subSaharan Africa processed 418m transactions worth $5.2bn. While three-quarters of transaction values are peer-to-peer transfers, we are beginning to see gre

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Publication:African Banker
Geographic Code:60SUB
Date:Aug 31, 2016
Words:258
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