Mobile banking in Africa
Today, mobile phones are one of the most common gadgets that humans all over the world can own. Since the early 2000s, mobile phone penetration has been on the rise in Africa. In the year 1998, there were merely two million mobile phone users in Africa, according to the African Development Bank.
In the year 2009, that number had not tripled, nor multiplied by 10 but by 200 hundred times accounting for a whooping population of 400 million mobile phone users in the continent. Today, the number has grown to even a greater number with mobile phones accounting for a penetration rate of 67% of the total population in the continent. That means more than 1.20 billion people in the continent have access to mobile phones with 26.5 % of that population able to access the internet. The curve is expected to rise even more as GSMA projects that 80% of the population will have access to mobile phones in the next five years making up for the double rate of access.
In this video, we look at one of the markets that have grown as a result of many people having access to mobile phones, which is mobile banking.
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