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Mobile Money In Africa: Press 1 for modernity

The Economist

Friday, April 27, 2012 - 09:14

Many people know that financial transactions on mobile phones has taken off in Africa. How far it has gone, though, still comes as a bit of a shock. Three-quarters of the countries that use mobile money most frequently are in Africa, and mobile banking in some of them has reached extraordinary levels.

MANY people know that “mobile money”—financial transactions on mobile phones—has taken off in Africa. How far it has gone, though, still comes as a bit of a shock. Three-quarters of the countries that use mobile money most frequently are in Africa, and mobile banking in some of them has reached extraordinary levels.

A new survey of global financial habits by the Gates Foundation, the World Bank and Gallup World Poll found 20 countries in which more than 10% of adults say they used mobile money at some point in 2011. Of those, 15 are African. In Kenya, Sudan and Gabon half or more of adults used mobile money. In contrast, in countries with more developed financial systems, the share of adults who use mobile money is tiny—1% in Brazil and Argentina.  

Read the full story by clicking the link below
http://www.economist.com/node/21553510
 
Tags: Mobile Banking, EMEA, Mobile Money, Africa, Gates Foundation, World Bank, Unbanked, Gallup World

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