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Why mobile banking is Africa’s future

Mobile sexy gaming banking is rapidly becoming the financial services golden egg, particularly in Africa. According to the GSMA’s 2021 State of the Industry Report on Mobile Money, there were 1.21 billion registered mobile money accounts worldwide in 2021, twice the expected growth rate.

Sub-Saharan Africa has the most accounts (548 million out of 1.2 billion), transactions (27.4 billion out of 41.4 billion) and value ($490 billion out of $767 billion).

Clearly, Africa is leading the way in mobile commerce.

According to a 2018 McKinsey Global Banking research, Africa has the world’s lowest bank branch coverage. In contrast, rising Asia has 13 branches per 100,000 persons, while Latin America and the Middle East have 17.

Cash still rules, despite certain nations’ huge banked populations.

According to a Mastercard report, cash transactions still accounted for over 50% of the total value of all consumer transactions in 2015, driven in part by the informal sector.

But the epidemic began affecting people’s preferences. And in Africa, this transition is to mobile payments.

However, cellphone penetration is significant – over 90% of South Africans have smartphones in 2020. The regulations and expenses involved with mobile banking are also lower.

With less red tape, greater ease, speed, and security, it’s simple to understand why Africa is going mobile.


90% of enterprises in Sub-Saharan Africa are small to medium, and many of them are cash-only. It’s no wonder they’re early users of digital payments.

Small companies often lack the IT experience required to set up digital point of sale (POS) systems, not to mention the expense and entrance restrictions. Smartphone-like functionality is now available on feature phones through USSD (messaging payment solutions), QR code payments, and PWAs (progressive web applications). This is altering how businesses close deals.

Those who haven’t used formal banking may finally establish a credit history and qualify for loans and other financial services.

It’s also safer than carrying cash. Consumers demand rapid, easy, contactless payments.

Mobile money has no branches or infrastructure, and new features enable people to pay without ever leaving their favorite app. Even online banking on mobile is more functional than on desktop.

The GSMA survey also shows that the global diaspora is rapidly embracing mobile payment options. In 2020, mobile money international remittances surpassed $1 billion.


Chat banking will be the next big thing, enabling consumers to bank and transact on their preferred chat networks. They can ‘chat’ with their bank to check balances, pay beneficiaries, top up accounts, and much more — all in the manner of a conversation, but with the capability of online banking.

Banks are already working with fintech enablers like Ukheshe to sell this service and become mobile network operators. Unlike mobile network carriers, Ukheshe’s Eclipse platform operates open-loop payment systems. This feature enables banks to provide more to their customers, while fintechs can go to market quicker than before.

Ultimately, it implies greater choice and access for customers. Above all, these innovations show that full financial inclusion is a reality that is already benefitting lives in developing nations.

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