Browsing: mobile money in Africa

Africa’s leading Mobile Network Operators (MNOs), MTN, Vodacom and Safaricom, have recently made bold plans to venture into the increasingly dynamic world of fintech. On 23rd June 2021, Safaricom launched its super app, which creates an ecosystem of mini-apps from the network operator as well as third-party apps that feed off the super app[1]. A month prior to this development, Safaricom, the leading MNO in Kenya announced plans to release an Application Protocol Interface (API) for the super app to enable third-party app developers to build more products and services on top of the super app[2]. This means the super app is going to be an app store that consolidates the reach of Safaricom.

In May, MTN also announced plans to become a tech platform to rival the likes of Apple and WeChat as part of their Ambition 2025 which is currently being implemented[3]

East Africa is a global leader of mobile money with the highest penetration of mobile money in the world according to a report by the African Union in collaboration with the Organisation for Economic Corporation and Development.

The joint report is titled; Africa’s Development Dynamics’ authored by the African Union (AU) in collaboration with the Organisation for Economic Corporation and Development.

Mobile money services are provided by telecommunication companies and supported by a network of licensed agents that allows registered users to deposit and withdraw cash in a virtual wallet.

According to data from the report, for every 1,000 adults, the East Africa region has 1,106 registered mobile money accounts compared to  600 for the whole of Africa, 533 and 245 for Asia, Latin America and the Caribbean respectively.

The penetration is higher in the region with most adults subscribers owning one or more mobile money accounts.

According to the …

Africa's tech habitude is on the rise. Internet usage has risen significantly on the continent. On top of that, the advent of the coronavirus pandemic accelerated the prospect of growth in the digital sphere. E-commerce is one such opportunity that affords businesses access to broader market opportunities in every arena. According to McKinsey, a worldwide consulting firm, the e-commerce industry in Africa is expected to grow to a $75 billion industry by 2025.

E-commerce is growing. It is accelerated by a growing and youthful population that is increasingly exposed and has an appetite for greater efficiency and improvement of business to first-world standards. The African diaspora has also contributed to this growing demand as people have become more exposed to what is going on around the world. Technology itself dissolves existing borders and opens up trade regionally and internationally.…

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