Over the last few years, Africa has become a global leader in mobile money with the rate of smartphone adoption at twice the global scale. In 2014, the most recent year for which figures are available, the mobile money market in sub-Saharan Africa generated $656 million in revenue, according to industry analysts Frost and Sullivan. But what challenges is the industry facing and how can these be overcome?
What are the promise and perils of mobile money in Africa?
This new research written by the Economist Intelligence Unit and sponsored by Mazars, looks at why Africa offers such fertile ground for mobile money service providers. Today, more than half the mobile money companies in the world operate on the continent. But despite its rapid growth, the mobile money industry faces some distinct challenges in Africa.
Taking as an example the rise of M-Pesa, the continent’s biggest mobile money success story, the article explores key trends and practices in the industry, as well as the main challenges the mobile money industry is facing.
Please download the full article to find out more and visit our Financial Services blog for more insights.