MNOs Cash In on Africa’s Growing Banking Sector

Africa-Thumbnail2Africa offers a particularly promising market for mobile, and especially for mobile banking and payment services. Fewer than a quarter of Africa’s 1.4 billion people now have a bank account, the World Bank says, but 40 percent have a mobile phone. What’s more, while in most parts of the world an average of 4 percent of people use mobile payments, in sub-Saharan Africa, this percentage is six times as much as that, with nearly a quarter of the population banking on mobile phones.

These factors all make Africa a particularly fertile ground for mobile financial services, and as a resident in this region, I’m excited to witness how the development of these services will unfold in the next few years. In a new post on the official blog for the AfricaCom 2014 conference, “MNOs Cash in on Africa’s Growing Banking Sector,” I discuss this in more detail as well as other opportunities shaping up in this still-young mobile marketplace.

I invite you to read more about the incredible growth of mobile on this continent and the rise in mobile banking it is driving, and I would appreciate getting your thoughts on this topic. Please share them in the comments section.

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Nour Al Atassi is a former Regional Vice President and Managing Director of the Middle East and Africa at Syniverse.

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