In Africa looks like Mobile Money is the way to go. At the moment, Mobile Money accounts are out numbering Bank accounts in 9 African Countries.
As of June 2013, 98 million (48%) of the 203 million registered mobile money accounts globally were in Sub-Saharan Africa, with East Africa holding the lion’s share of Sub-Saharan Africa’s total and accounting for 34% of the global total.
Further more, 9 African countries including Kenya, Tanzania and Cameroon have more mobile money accounts than bank accounts – championing financial inclusion by providing financial services to more people than traditional banks have been able to reach.
The image below shows the countries where there are more Mobile Money accounts than Bank accounts.
By April 2014, there were 233 mobile money services globally and Sub-Saharan Africa is home to 52% of them. At the top of mobile money providers is Kenya, which has the highest mobile payments penetration levels with approximately 74% of adults (23 million) being registered mobile money users.
Kenya’s leading mobile money platform is M-Pesa, which has a network of 45,000 agents and in 2013 facilitated transactions equivalent to 25% of Kenya’s GNP.
Credit: Tech Moran