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Africa Blazes a Trail in Mobile Money
Report

Africa Blazes a Trail in Mobile Money

Time for Banks and Mobile Operators to Devise Strategies

Hans Kuipers, Mikaël Michiels and Michael Seeberg
Boston Consulting Group, 2015
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Editorial Rating

7

Qualities

  • Innovative
  • Overview

Recommendation

The mobile financial services marketplace in Sub-Saharan Africa seems like an entrepreneur’s dream: While about three-quarters of the population lacks access to banking services, more than half uses mobile phones. The ability to meld these two phenomena effectively represents an untapped and potentially lucrative opportunity for financial services providers and mobile network operators, if they can overcome a number of significant hurdles. getAbstract recommends this sobering but ultimately optimistic report from Boston Consulting Group professionals Hans Kuipers, Mikaël Michiels and Michael Seeberg to leaders in global financial services and mobile technology, and to those with business interests in the region.

Summary

Financial services are largely out of reach for most sub-Saharan Africans, many of whom make less than $3 per day. But as the region progresses economically – spurred by a young and growing population, as well as by state efforts to promote education, health and well-being – people will need more formal and secure banking services. In an area in which more than half of those older than 15 have mobile phone subscriptions, mobile access may well be the only option for obtaining financial services for some time.

Sub-Saharan Africans’ extensive use of mobile...

About the Authors

Hans Kuipers, Mikaël Michiels and Michael Seeberg are Boston Consulting Group executives.

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