Tuesday , March 2 2021

How is Mobile Money Continuing to Go In Africa?




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M-Pesa Transaction in 2008 using Nokia 1100 feature phoneVodafone.

Kenya M-Pesa mobile feelings with PayPal and Western Union tighten together with the joint venture between two of the largest cell operators – MTN and Orange – for a mobile wallet that operates across networks have capped a year that has seen significant developments in the mobile payments market already thriving in Africa.

M-Pesa has 28.5 million users of East Africa that will now be able to transfer with 500,000 large Western Western major agents transferring in over 200 countries.

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

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

"The power of financial technology is shown to widen access to and use most persuasive accounts in sub-Saharan Africa," the World Bank Global Findex Database& nbsp; he wrote in his financial inclusion survey found Now 21% of adults in the region now have & nbsp; count mobile money. This is "almost twice the contribution in 2014 and easily the highest of any region in the world".

Last year the GSM Society said Over half of all mobile funds& nbsp; world-class services in sub-Saharan Africa, which continues to be the fastest growing mobile market in the world. The region is expected to have 500 million cell phone subscribers by 2020.

"Across the region, mobile money plays a key role in extending financial services for people with limited access to traditional financial institutions, especially women and rural populations. There were 135 live mobile services across the region at the end of 2017, with 122 million active accounts, "said the GSMA in her The Sub-Saharan Africa Mobile Economy 2018 & nbsp;report.

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

When quoting figures from the World Bank, Western Unions said Kenya was a net transfer receiver of $ 2 billion, while the outbound payments amounted to $ 36 million, which was an increase of 13% a year after year in 2017.

The M-Pesa processes are over 1,7 billion transactions per year accounting for more than 50% of the Kenya 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, the Director of Mobile Vodafone Group and CEO of Safaricom when M -Pesa.

The Findex survey said "while mobile money has centralized in East Africa, the 2017 update shows it has spread to West Africa and beyond".

Earlier this month, Group Chief Executive, Rob Shuter, said the African conference in Cape Town that MTN's plans reintroduce its Mobile Money offer in its main markets in South Africa and Nigeria next year; and intends to be "the largest provider of mobile financial services in Africa".

Originally launched in 2012 in South Africa, closed in 2016, coincidentally, the Safaricom Vodacom holding company stopped M-Pesa in its home market.

MTN said it has 24.1 million active mobile Portable users in 14 countries in late June.

The joint venture between MTN and Orange is called last week,Mowali, for mobile wallet interoperability, which will "make it possible to send money between mobile money accounts provided by any mobile, real-time and low-cost mobile provider".

"Mowali will benefit from reaching MTN Mobile Money and Orange Money, bringing together more than 100 million mobile currency and mobile currency accounts in 22 sub-Saharan Africa 46 markets. Mowali is ready to enable interoperability between providers of digital financial services beyond the operations and markets of MTN and Orange, to support the 338 million current currency accounts in Africa, "said the companies.

MTN has 225,4 million subscribers in 21 countries, at the end of June 2018; while Orange 201 million mobile customers have worldwide in 28 countries, on September 30, 2018.

Kosta Peric, deputy director of Financial Services for Poor, said "Interoperability of digital payments was the hardest obstacle to the financial services industry to overcome, in the Bill & amp; Melinda Gates Foundation. "With Mowali, Orange and MTN offering a solution that will enable them, and other companies, to the scale of digital financial services across Africa, faster, to all – including the poor. This is a sign that there is a new wave of innovation , which can help to mitigate poverty and drive economic opportunity, come. "

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M-Pesa Transaction in 2008 using Nokia 1100 feature phoneVodafone.

Kenya M-Pesa mobile feelings with PayPal and Western Union tighten together with the joint venture between two of the largest cell operators – MTN and Orange – for a mobile wallet that operates across networks have capped a year that has seen significant developments in the mobile payments market already thriving in Africa.

M-Pesa has 28.5 million users of East Africa that will now be able to transfer with 500,000 large Western Western major agents transferring in over 200 countries.

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

For the three months up 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 Kenya Communications Authority .

"The power of financial technology to widen access to and use accounts is most persuasive in sub-Saharan Africa," the World Bank Findex Global Database wrote in its financial inclusion survey found 21% of adults in the region now account for mobile money. This is "almost twice the proportion in 2014 and easily the highest of any region in the world".

Last year, the GSM Society said that over half of all sub-Saharan mobile services in the world in the world, which continue to be the fastest growing mobile market in the world. The region is expected to have 500 million cell phone subscribers by 2020.

"Across the region, mobile money plays a key role in extending financial services for people with limited access to traditional financial institutions, especially women and rural populations. There were 135 live mobile services across the region at the end of 2017, with 122- million active accounts, "said the GSMA in her The Sub-Saharan Africa Mobile Economy 2018 report.

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

When quoting figures from the World Bank, Western Unions said Kenya was a net transfer receiver of $ 2 billion, while the outbound payments amounted to $ 36 million, which was an increase of 13% a year after year in 2017.

The M-Pesa processes are over 1,7 billion transactions per year accounting for more than 50% of the Kenya 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 the Vodafone Group's Mobile Money Director and who was the CEO of Safaricom when launched M-Pesa.

The Findex survey said "while mobile money has centralized in East Africa, the 2017 update shows it has spread to West Africa and beyond".

Earlier this month, Group Chief Executive, Rob Shuter, said the African conference in Cape Town that MTN's plans reintroduce its Mobile Money offer in its main markets in South Africa and Nigeria next year; and intends to be "the largest provider of mobile financial services in Africa".

Originally launched in 2012 in South Africa, closed in 2016, coincidentally, the Safaricom Vodacom holding company stopped M-Pesa in its home market.

MTN said it has 24.1 million active mobile Portable users in 14 countries in late June.

The joint venture between MTN and Orange is called last week,Mowali, for mobile wallet interoperability, which will "enable you to send money between mobile money accounts provided by any mobile money provider, in real time and at a low cost".

"Mowali will benefit from reaching MTN Mobile Money and Orange Money, bringing together more than 100 million mobile currency and mobile currency accounts in 22 sub-Saharan Africa 46 markets. Mowali is ready to enable interoperability between providers of digital financial services beyond the operations and markets of MTN and Orange, to support the 338 million current currency accounts in Africa, "said the companies.

MTN has 225,4 million subscribers in 21 countries, at the end of June 2018; while Orange 201 million mobile customers have worldwide in 28 countries, on September 30, 2018.

Kosta Peric, deputy director of the Poor Financial Services, at the Bill & Melinda Gates Foundation said "Digital interoperability has been the most difficult barrier to the financial services industry to support financial inclusion." "With Mowali, Orange and MTN offer a solution that will enable them, and other companies, to the scale of digital financial services across Africa, faster, to all – including the poor. This is a sign that a new wave of innovation, which can help to mitigate poverty and drive economic opportunity, comes. "


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