Africa now accounts for 70 per cent of the world’s $1 trillion mobile money value.
This narrative is pivotal, seeing that a study by the World Bank indicates that mobile money services positively impact poverty reduction. Poverty is not just about lack of money but also lack of access to formal financial systems. Even more interesting is how a report by Boston Consulting Group (BCG), an American research firm, found that Kenya and Ghana have the second and third highest mobile payment usage globally, after China.
BCG’s report also states that transactions via mobile wallets and phones were the equivalent of 87 per cent of GDP in Kenya and 82 per cent in Ghana. However, both countries spent years crossing several hurdles to become global fintech giants.
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