Sunday , October 2 2022

How Mobile Money Continues To Boom In Africa



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A M-Pesa transaction in 2008 using a Nokia 1100 feature phoneVodafone.

The tie-up of Kenya's mobile sensation M-Pesa with PayPal and remittance giant Western Union, coupled with the joint venture between two of the largest cellular operators – MTN and Orange – for a mobile wallet that operates across networks have capped a year that has seen significant developments in Africa's already blooming mobile payments market.

M-Pesa has 28.5 million users in East Africa who will now be able to deal with remittance giant Western Union's 500,000 global agents in over 200 countries.

M-Pesa has revolutionized mobile transacting, first in Kenya, where it was launched by Safaricom in 2007, then into the rest of East Africa and now into West Africa.

For the three months to June 2018, M-Pesa processed 581 million transactions for its 23 million Kenyan subscribers worth $ 14.6 billion or $ 162 million a day, according to the Communications Authority& nbsp; or Kenya.

"De macht van de financiële technologie om de toegang tot en gebruik van accounts te verruimen is het meest getrouwd in Sub-Saharan Afrika," The World Bank's Global Findex Database& nbsp; wrote in its financial inclusion survey which found 21% of adults in the & nbsp; region now have a mobile money account. This is "næsten dobbelt så stor som i 2014 og det er det største av alle regioner i verden".

Last year the GSM Association said over half of all mobile money& nbsp; Services in the world are in Sub-Saharan Africa, which remains the fastest-growing mobile market in the world. The region is expected to have 500 million cellphone subscribers by 2020.

"Over de regio, mobiele geld speelt een sleutelrol in het uitbreiden van financiële diensten aan mensen met beperkte toegang tot traditionele financiële instellingen, met name vrouwen en landelijke bevolking. There were 135 live mobile money services across the region at the end of 2017, with 122 million active accounts," the GSMA said in its The Mobile Economy Sub-Saharan Africa 2018 & nbsp;report.

M-Pesa announced in April that it would work with PayPal, which has 254-million users, with whom M-Pesa users can potentially do business.

Quoting figures from the World Bank, Western Union said Kenya is a net remittance receiver or $ 2 billion, while outbound remittances were $ 36 million, which were both a 13% year-on-year rise in 2017.

M-Pesa processes over 1.7 billion transactions a year which accounts for more than 50% of Kenya's GDP value. "M-Pesa is a revolution that has empowered tens of millions of people in some of the poorest communities in the world," said Michael Joseph, now Vodafone Group's Director of Mobile Money and who was CEO of Safaricom when M-Pesa was launched.

The Findex survey said "Mens mobile penge har været centreret i Østafrika, 2017 opdateringen viser at den har spredt sig til Vestafrika og videre".

Earlier this month Group CEO Rob Shuter told the AfricaCom conference in Cape Town that MTN plans to reintroduce its Mobile Money offering into its key South Africa and Nigerian markets next year; and intends to be "the biggest provider of mobile financial services in Africa".

Originally launched in 2012 South Africa, it was shut down in 2016, coincidentally the year Safaricom holding company Vodacom closed M-Pesa in its home market.

MTN said it had 24.1 million active Mobile Money users in 14 countries at the end of June.

The joint venture between MTN and Orange, announced last week, is calledMowali, for mobile wallet interoperability, which will "Make it possible to send money between mobile money accounts issued by any mobile money provider, in real time and at low cost".

"Mowali will immediately benefit from MTN Mobile Money and Orange Money, bringing together 100 million mobile money accounts and mobile money operations in 22 of sub-Saharan Africa's 46 markets. Mowali is klaar om de interoperabiliteit tussen digitale financiële dienstverleners buiten MTN en Orange operations en -markten te ondersteunen, om de bestaande 338 miljoen mobiele geldrekeningen in Afrika te ondersteunen," the companies said.

MTN has 225.4 million subscribers in 21 countries, at the end of June 2018; while Orange heeft 201 miljoen mobiele klanten wereldwijd in 28 landen, op de 30 september 2018.

"Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome, in support of financial inclusion," said Kosta Peric, deputy director of Financial Services for the Poor, at the Bill & amp; Melinda Gates Foundation. "With Mowali, Orange and MTN, deliver a solution that will enable them, and other companies, to scale digital financial services across Africa, faster, to everyone – including the poor. Dette er et signal som en ny bølge af innovation, som kan bidra til at lindre fattigdom og drive økonomisk mulighed, er på vej."

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A M-Pesa transaction in 2008 using a Nokia 1100 feature phoneVodafone.

The tie-up of Kenya's mobile sensation M-Pesa with PayPal and remittance giant Western Union, coupled with the joint venture between two of the largest cellular operators – MTN and Orange – for a mobile wallet that operates across networks have capped a year that has seen significant developments in Africa's already blooming mobile payments market.

M-Pesa has 28.5 million users in East Africa who will now be able to deal with remittance giant Western Union's 500,000 global agents in over 200 countries.

M-Pesa has revolutionized mobile transacting, first in Kenya, where it was launched by Safaricom in 2007, then into the rest of East Africa and now into West Africa.

For the three months to June 2018, M-Pesa processed 581 million transactions for its 23 million Kenyan subscribers, worth $ 14.6 billion or $ 162 million a day, according to the Communications Authority of Kenya.

"Den magtfulde teknologi for at udvide adgangen til og brug af konti er demonstreret mest persuasively i Sub-Saharan Africa," the World Bank's Global Findex Database wrote in its financial inclusion survey which found 21% of adults in the region now have a mobile money account. Dette er "næsten dobbelt så stort som muligt i 2014 og det er det største i enhver region i verden".

Last year the GSM Association said about half of all mobile money services in the world are in Sub-Saharan Africa, which remains the fastest-growing mobile market in the world. The region is expected to have 500 million cellphone subscribers by 2020.

"Over hele regionen, mobilpengene spiller en central rolle i udvidelsen af ​​finansielle tjenester til personer med begrænset adgang til traditionelle finansielle institutioner, især kvinder og landbefolkninger. Der var 135 levende mobiltjenester på tværs af regionen i slutningen af ​​2017, med 122- million active accounts, "the GSMA said in its The Mobile Economy Sub-Saharan Africa 2018 report.

M-Pesa announced in April that it would work with PayPal, which has 254-million users, with whom M-Pesa users can potentially do business.

Quoting figures from the World Bank, Western Union said Kenya is a net remittance receiver or $ 2 billion, while outbound remittances were $ 36 million, which were both a 13% year-on-year rise in 2017.

M-Pesa processes over 1.7 billion transactions a year which accounts for more than 50% of Kenya's GDP value. "M-Pesa is a revolution that has empowered tens of millions of people in some of the poorest communities in the world," said Michael Joseph, now Vodafone Group's Director of Mobile Money and who was CEO of Safaricom when M-Pesa was launched.

The Findex survey said "while mobile money has been centered in East Africa, the 2017 update reveals that it has spread to West Africa and beyond."

Earlier this month Group CEO Rob Shuter told the AfricaCom conference in Cape Town that MTN plans to reintroduce its Mobile Money offering into its key South Africa and Nigerian markets next year; and intends to be "the biggest provider of mobile financial services in Africa".

Originally launched in 2012 South Africa, it was shut down in 2016, coincidentally the year Safaricom holding company Vodacom closed M-Pesa in its home market.

MTN said it had 24.1 million active Mobile Money users in 14 countries at the end of June.

The joint venture between MTN and Orange, announced last week, is calledMowali, for mobile wallet interoperability, which will "make it possible to send money between mobile money accounts issued by any mobile money provider, in real time and at low cost".

"Mowali will immediately benefit from MTN Mobile Money and Orange Money, bringing together 100 million mobile money accounts and mobile money operations in 22 of sub-Saharan Africa's 46 markets. Mowali is ready to enable interoperability between digital financial service providers beyond MTN and Orange operations and markets, to support the existing 338 million mobile money accounts in Africa, "the companies said.

MTN has 225.4 million subscribers in 21 countries, at the end of June 2018; while Orange heeft 201 miljoen mobiele klanten wereldwijd in 28 landen, op de 30 september 2018.

"Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome, in support of financial inclusion," said Kosta Peric, deputy director of Financial Services for the Poor, at the Bill & Melinda Gates Foundation. "With Mowali, Orange and MTN deliver a solution that will enable them, and other companies, to scale digital financial services across Africa, faster, to everyone – including the poor. Dette er en signal som en ny bølge af innovation, som kan bidra til at lindre fattigdom og drive økonomisk mulighed, er på vej. "

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