How will mobile money initiatives revolutionise people’s everyday lives in Africa?
Mobile financial services are a global game-changer with an open money network being the connection needed between the financial industry and telecom to increase both the commercial and social benefits. The freedom to send, spend and receive money with a mobile phone is quickly becoming an essential part of life for billions of people.
More than half of consumers in Africa are using mobile money services through an agent, and some 20% use mobile money themselves on a mobile phone. However, the unbanked are the ones who are least involved in the formal financial system, due to factors such as distance to banks, education, and the inability to authenticate their identity, according to data from Ericsson ConsumerLab.
Mobile money services have become an essential, life-changing tool across Africa, providing access to safe and secure financial services but also to energy, health, education and employment opportunities…
You can read the full interview with Amadou Moustapha Niang in the September issue of CommsMEA and online soon on CommsMEA.com and ITP.Net.