Mobile money account-use buoyed by West Africa

By gauthier kabangu

Mobile money account adoption in Africa has outpaced the rest of the world and more than half of all deployments worldwide are accounted for in the continent, according to a report.

Of the 277 mobile money services globally, the report states, some 140 of them are in Sub-Saharan Africa.

Though this growth began in East Africa, according to The State of Mobile Money in Sub-Saharan Africa report, West Africa is now accelerating the expansion. Almost 29% of active mobile money accounts in Sub-Saharan Africa are in the west, compared to just 8% in 2011.

In seven countries – Gabon, Ghana, Kenya, Namibia, Tanzania, Uganda and Zimbabwe – 40% of the adult population are active mobile users.

Mats Granryd, director general of the GSMA, said: “Mobile money is now achieving mass-market adoption in all corners of Sub-Saharan Africa, enabling millions of people to access financial services for the first time and contributing to economic growth and social development.

Speaking at the GSMA Mobile 360 – Africa, in Dar-es-Salaam, Tanzania, Granryd said: “Mobile operators in the region today are using mobile money to create new financial ecosystems that can deliver a range of innovative new services across multiple industry sectors, including utilities and agriculture.”

Future growth, the report says, will rely on investment, policy and regulation implementation and infrastructure and technology development.

Share

Featured Articles

Middle East GDP hike of 57% if more women join workforce

By tapping into the potential of next-generation female workers, the MENA region could unlock new economic opportunities, up to US$2 trillion, reports PwC

Dialight supplies LED solutions for industrial safety

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, AI, cloud, cyber speakers at TECH LIVE LONDON

TECH LIVE LONDON events sees technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force among the inspirational speakers

Cyber LIVE adds Vodafone head of cyber Kawalec to line-up

Leadership & Strategy

Musk’s multibillion hostile Twitter takeover – the timeline

Leadership & Strategy

Sustainable moves businesses can make to win customers, IBM

Sustainability