Tuesday, 20 January 2015

Mobile Banking Could Spur Economic Growth, Business Development In Sub-Saharan Africa

For many mobile phone users, sending and receiving money by phone is a faster way to pay for a morning coffee or shop online, but for millions in sub-Saharan Africa—where many people don’t have access to traditional banks—mobile money has potential to change lives and spur business development.
The mobile money market in sub-Saharan Africa was worth $655.8 million last year, and could be worth as much as $1.3 billion by 2019, according to new data from Frost & Sullivan. But it’s not just a business opportunity. The boom could help connect millions of people with a formal banking system they wouldn’t have access to otherwise.
“Governments in sub-Saharan Africa have come to realize that mobile money is key to improving the region’s financial inclusion,” Frost & Sullivan analyst Lehlohonolo Mokenela said in a Tuesday statement.
Using a mobile phone to send or receive money is more about convenience. For the region’s “unbanked” population, a lack of access to banking systems can perpetuate the cycle of poverty and discourages business development.
Read more Click Here / www.trade4x.net

 

No comments:

Post a Comment