Mobile money needs bank, telco ties

There is a positive outlook for financial access in sub-Saharan Africa as banks and MNOs aggressively compete. PHOTO | SHUTTERSTOCK

The delivery of mobile financial services in sub-Saharan Africa (SSA) continues to evolve strongly. Mobile network operators (MNOs) now offer a wide variety of services following initial, basic efforts that centred on an airtime top-up and domestic money transfer platform.

The success of Safaricom’s M-Pesa, highlighted to other telecoms operators and banks the revenue opportunities arising from a client base increased through the introduction of mobile financial services.

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Note: The results are not exact but very close to the actual.