Mobile Money in Africa is seeing tremendous growth and subsequent success
According to data from a World Bank report, mobile money in Africa is more popular and has been more successful than traditional financial services combined over the last 4 years.
The new statistics show that mobile money adoption has largely been brought on by the low transaction fees making it possible for low-income customers, while high transaction volumes make mobile money profitable for service providers.
Below are some statistics on mobile money adoption across Africa:
From the above statistics, it is clear that the days of referring to ‘unbanked’ and ‘undeserved’ are limited. Populations that were once unreachable with traditional financial services such as the poor, rural populations, and women are now accessible with the help of mobile money services.