Already in 2011, 68% of adults in Kenya are already using their mobile phones to pay bills, send or receive money. Today, the telecommunications sector is ranked among the top ten sectors in Africa. Mobile banking has not ceased to evolve and continues gradually to provide a framework conducive to its operation. Recognizing the opportunity it presents, Africans are constantly clinging to the perspectives that concern it and seeking to exploit it with advantages.
What is mobile banking?Mobile banking is a system that replaces the bank account. Thus, the psycho-sociological and social conditions, among others, make today that mobile banking is more relevant in certain African zones, not to mention at the level of all Africa. This system makes it possible to have a virtual account with the beneficiary’s information concerning his identity and his identifiers (telephone number and code for transfers or payments with his telephone). Therefore, mobile banking was born in Kenya in 2007. 80% of adults would have a telephone subscription while 19% would have a bank account.
Mobile banking, an opportunity for two reasons!On the one hand, just as previous statistics show, mobile banking is a relevant alternative in Africa. This is because Africa has the highest illiteracy rate. That to say that in terms of psychology, again, and of social status, some people do not appropriate the traditional banking system. Thus it is much easier for them to use their phone without necessarily having to pay a smartphone, to be able to transfer, receive money, pay bills, buy in some large areas among others. On the other hand, banks do not have a very good reputation in Africa. This in terms of accessibility of money or compared to the many fees to pay. The withdrawal being complicated at the level of some banks with gabs failing or the number of “costs of” ghost services “to pay, Africans prefer more and more keep their money on their phone with the ability to withdraw at any time no surplus in terms of expenses. For these two reasons, mobile banking continues to grow and becomes one of the biggest markets in Africa.
Orange money mobile banking by Orange!It was in 2008, that Orange money was born first in Ivory Coast. With its telephone credit, bill payment and money transfer services, Orange money has been able to attract between 100 and 150,000 subscribers in one year. in Senegal, Madagascar, Mali, Niger, Kenya, Botswana and Cameroon, the service reaches 3,000,000 subscribers. In 2013, it reached 8,000,000 and signs a partnership with Total. In 2017, Orange Money has 38.7 million customers and generated 26 billion euros in sales. The success of Orange money today confirms the opportunity that exists in the mobile banking sector. More and more companies moving in this direction are born. What future then for mobile banking in Africa?
Another article: https://www.espritentrepreneur.net/article/the-success-of-mobile-banking-in-africa-and-the-perspectives-for-future/332
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