Africa: A land full of mobile money and Fintech possibilities

 Africa is a global leader when it comes to mobile money. Over the years, it has become an inevitable part of Africa’s financial services landscape. Since the past decades, the mobile network operators (MNOs) have dominated the mobile money services in the entire continent.


In addition to that, FinTechs have also laid their strong foundation in the market which has caused many banks to compete aggressively for the mobile banking customer. So, is it safe to say that Africa is the new market for mobile money and FinTech solutions?.

We’ll try to answer the same question by discussing the mobile money and FinTech success stories of Africa. So, without further ado, let’s begin.

Africa: The global leader in mobile money

When we talk about the Mobile financial services (MFS) then it covers the entire spectrum of financial services right from current accounts and payments to investments, loans, insurance, and savings. Whereas, mobile money is just a subset of MFS provided by telco companies that enable users to receive, send, and store money with the use of their mobile phones.

According to GSMA, more than half of total 282 mobile money services operating around the world are located in Sub-Saharan Africa. Today, there are around an estimated 100 million mobile money accounts in Africa. This customer adoption is way more than that of South Asia which is the second-largest region in terms of mobile money market share with around 40 million active mobile money accounts.


Location: United States

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