Banking In Africa
In sub-Saharan Africa, not many people have a bank account or easy access to traditional banking services, but the growth and development of many African nations mean an increasing demand for financial services on an individual level. Fortunately, there is an innovative technology to fill the void. Mobile Money is a banking service typically provided by a telecommunication company. The service is tied to the customer’s phone account. Mobile Money benefits include but not limited to sending and receiving money, making payments and purchases, accessing loan services all from a mobile phone.
Africa is a global leader in the use of Mobile Money. The service has created many jobs in countries like Ghana and Kenya as the demand continues to grow. Mobile Money requires individual operators known as Agents for money retrieval and deposits like ATMs and after that, the service can fully function on the user’s phone. Since the service runs primarily on an already established telecommunication infrastructure, it has made it easy to extend banking services to regions where it would be impossible.The use of Mobile Money extends beyond the continent into its Diaspora. Many immigrants abroad have also adopted Mobile Money to send money to their loved ones back home. Latin American Diasporas of all kinds have also embraced the use of cellphone banking. Mobile Money has proven to be innovative and will continue to grow as more Africans adopt it.
