The mobile money market in Sub-Saharan Africa
The use of mobile financial services in Sub-Saharan Africa (SSA) (used for things such as paying bills and sending money to relatives) could produce an estimated $1.5bn (R17.3bn) in fees for mobile-money providers by 2019, according to research by the Boston Consulting Group (BCG).
The unique circumstances in SSA − high levels of mobile-phone penetration in a largely unbanked population − have turned the region into an early adopter of mobile banking and a test bed for the technology’s potential, BCG said.
Eight of the 10 countries around the world that make the most use of mobile financial services are in Africa, and SSA has the highest proportion of active accounts (43%).
By 2019, there will be 400m unique mobile phone subscribers and almost 150m traditionally banked Sub-Saharan Africans, it said. This leaves about 250m people over the age of 15 with incomes of $500 or more but no traditional bank accounts, giving a sense of the potential market for mobile financial services.
Somalia − 34%