Africa is the fastest growing mobile market in the world after Asia, but their use extends far beyond just telephony. The power of the mobile is forging a new enterprise culture in Africa from banking, to agriculture and healthcare.
Nowhere is the astounding utility of a mobile phone more apparent that in the rise of mobile money. This mobile network system allows customers to virtually wire cash to each other, either from simcard to simcard or from phone to phone.
Mobile money is still in its infancy, but we are arguably looking at the future of money and financial transactions, and it's unfolding on the bustling streets of Africa. In Uganda alone there are now 2 million mobile money customers, and only 500,000 banking customers in the formal sector.
Companies that deliver infrastructure, like mobile telephone networks, play a much bigger role than in just the marketplace. There are places in Africa where communities are yet to experience running water or electricity. Yet they have access to an MTN Village Phone, and therefore access to the world.
This report was published by Warc – the online publication for marketing strategy that combines current new thinking and trends with best practice.
We’ve also conducted an in-depth study of mobile banking payment in emerging markets that’s available for free in our blog.
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