MOBILE MONEY IS SPEEDILY ENVELOPING AFRICA. IT’S A TSUNAMI, NO AN AVALANCHE, NO A STORM, ITS MOBILE MONEY.
Before now, any conversation around putting money in some virtual account or making payments virtually – over the internet or something, would have been met by a brick wall and a huge number of deaf ears. The conversation would have been dismissed – Africans loved their cash liquid as there has been stories of insecurity and money losses due to poor technology and other software related issues.
Well, the story today is nearly the exact opposite as everyone is becoming more mobile money savvy. In 2017, the GSM Association 2018 report states that over half of all mobile money services in the world are in Sub-Saharan Africa – this remains the fastest-growing mobile market in the world and is expected to have 500-million cellphone subscribers by 2020.
Also, the World Bank’s Global Findex Database in its financial inclusion survey found 21% of adults in Sub-Saharan Africa now have a mobile money account. This is considerably the highest in the world.
Major players like MPesa, Piggy bank, Alat, Paypal, have utterly disrupted the African mindset towards mobile money and have earned trust amongst communities. Which is why there is a vast number of service offerings that’s powering the sweep of mobile money with the shores of the continent.
So with these few points of mine, I hope I have been able to convince you and not to confuse you, by making you understand that the world would literally leave you behind if you are not mobile money acquainted.