Developments in sub-Saharan Africa
Over the past decade sub-Saharan Africa has become one of the fastest growing regions in the world, showing a significant uptake from the past 60 years when development was still very much varied and sporadic. Though the growth in the region is mainly due to primary exports such as unprocessed agricultural and forest products, minerals and fossil fuels, structural transformation still remains subdued. Foreign investment in the region is increasing, there’s a boom in innovation, despite challenges like poverty, poor infrastructure and climate change.
Big on mobile
According to new data gathered from a study conducted by the GSMA – a trade body that represents the interests of mobile operators worldwide – sub-Saharan Africa accounts for more than 50% of the 227 mobile money deployments globally, with the number of live mobile money schemes reaching approximately 140 across 39 countries.
The evolution of mobile money
The use of mobile money has evolved in recent years. From person-to-person payments and topping up airtime, to paying bills and sending money abroad. Known as ‘ecosystem payments’, they account for approximately 17% of all mobile money transactions, and has quadrupled between 2014 and 2016.