Nikunj Gundaniya

Technological advancement and the availability of the Internet of Things have brought a revolution in the banking and finance sectors. As one-third of the world’s population is connected to the Internet with more than 700 million mobile connections, it is the ideal option to invest in mobile money.

Mobile money has been touted as the revolutionary tool for expanding financial services in low-resource countries like Egypt and Bahrain. With just a mobile phone, the users can quickly transfer money with a click and without needing any access to an existing bank account.

As of January 2022, two-thirds of the global mobile money business model were driven by users in the regions, with a value of 25 billion dollars.

READ MORE  : Spotlighting opportunities and challenges of doing mobile money business in Middle East