Mobile Banking: A Rising Revolution in Africa

Can you imagine the power of paying most of necessities with just a mobile phone? Very impressing, right? I would rather express mobile banking as a digital financial revolution of the new world. Today in some African countries, mobile banking users has surpassed the number of banks users. No more need of moving for buying food, electricity, and much more...

What's exciting in mobile banking?

I think the overall benefits of mobile banking rely on money transfer and mobile payment. Everyone is happy with this. Systems like M-Pesa offered a capability of withdrawing your money wherever you are, enabling people sending money to their relatives in countryside, which was half impossible few years ago. As a result, four in ten people in Africa owns a phone now.

In 2015, MTN signed a contract with WorldRemit, one of the world money transfer leading companies. With aim of allowing some African countries (Rwanda, Uganda and Zambia) to receive money from World Remit users all over the world. And the project is expected to grow larger and expand those benefits to the rest of its subscribers in Africa. where by new businesses are born as well as new customers because of the cheapness and ease of the system. 

Today, other telecommunication lines in Africa took the way on, where other numerous mobile banking services emerged...one of them rising considerably is:

MTN Mobile Money, introduced  in 2009 by MTN, A South African company owning 232,6 Millions of subscribers. The aim of the system was to simplify payments and money transfer over locations. Since, The MTN market subscribers have been increasing considerably and today it is operating in 15 African countries, enabling to millions of Africans without bank accounts, to send and receive money across their countries.

Progressively, Safaricom's M-Pesa is showing an example to a number of other likewise companies all over the world. Where by 2013 in Kenya, Mobile money transactions were valued to be $22.4 billion, leaving not far behind a number of other African countries.