Quartz explores how the electronification of payments in Africa is helping to spur commerce of all kinds across the continent.
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Mobile money is only just starting to transform some of Africa’s markets
Mobile money accounts in sub-Saharan Africa have surpassed bank accounts, says a report from global trade body GSMA. It gives a fighting chance for millions of un-banked rural poor to be financially included and benefit from products like savings and loans for their small and mostly informal businesses, money transfers, among others. Analysts believe there is still plenty more ground to break by mobile money’s impact in Africa. Only 17% of the viable mobile money rural market has been tapped says GSMA, Tanzania for instance still has up to 92% of its people especially in rural areas still unbanked.
