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Jul
25
2021
By The African Mirror
Africa dominates world mobile money trade

Africa dominates world mobile money trade

BUSINESS
THE BIRD NEWSROOM AFRICA is projected to maintain its impressive streak as the global leader in mobile money services, a result of the steady adoption of no-contact payments and more recently the fear of contracting COVID-19, according to a report by the Global System for Mobile Communications, or GSMA. In 2020, Africa made up more than half of the total live mobile money services globally, recording 548 million mobile money wallets, of the total 1.2 billion registered accounts globally. Out of 310 live mobile money services, 157 operate in Africa, representing 50.7% of the world total, according to the latest…
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Jun
23
2021
By The African Mirror
Africa’s huge strides in financial inclusion

Africa’s huge strides in financial inclusion

OTHER
SETH ONYANGO MORE Africans are accessing mainstream financial services thanks to rapid growth in mobile money services on the continent. Markets such as Kenya and Nigeria are leading in the development of innovative products tailored for the historically underserved demographics by the formal financial sector. International Monetary Fund (IMF) estimates show Africa has more digital financial services users than any other region in the world, accounting for nearly half of the 700 million individual users globally. In 2011 the level of financial inclusion in Sub-Saharan Africa was just over 23 percent and jumped to almost 43 percent in 2017, buoyed…
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