Impact of Mobile Money on Sub-Saharan Africa

Even though the world is transforming digitally, there are still areas that are untapped and untouched. Some of the developing countries are still at the growth stage of modern reforms such as Fintech, mobile money, etc.

According to UBS, almost 1 billion people in these emerging economies don’t have a formal bank account, neither access to financial services.

Here, we have a huge market for financial inclusion, services, and businesses. In the Sub-Saharan African region, there is a high volume of unbanked population. Over 90% of the financial transactions are done cash-based.

Currently, super apps like OPay and Jumia Pay rule these markets in financial as well as mobile money solutions but these and many other services such as Airtel Money, MTN, etc took years of effort to get over the challenges and issues that have led them where they are today. As of 2020, mobile money transactions have reached 490 billion dollars in the SSA region itself.

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