[Infographic] Going cashless in Sub-Saharan Africa: 4 triggers to grow Mobile Money
The expansion of debit cards in Europe and other parts of the world has led to cashless economies where at least 60% of transactions are made through electronic means. In Africa, bank accounts counts for only about 15% of the population. The situation implies that cash is omnipresent in the economy. Ten years ago, mobile network operators introduced mobile money, as many Africans owned mobile phones.
The success was immediate. Today, there are almost 280 million mobile money accounts in Africa. Even though the potential is huge, GSMA reported in 2016 that peer to peer (P2P) transfer and airtime top-up dominated mobile money transactions by 70.4% and 6.1% respectively.
I have noticed 4 key factors that needed to be triggered in order to increase the proportion of bill payment (taxi bill, restaurant bill, etc…) by mobile money in sub-Saharan economies
Do you also think that Mobile Money is key to go cashless in Africa? Join the discussion and let me know your thoughts 🙂
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