Money is moved by the market in rising markets like Africa. With 80% of the population having access to mobile, mobile carriers have been at the forefront of mobile money growth, and more so financial inclusion.
Africa leading mobile money market in adoption and value
Mobile money is fast and easy use as it does not require a credit card or internet access. More than 50% of the world’s mobile money users are in Africa.
Fast growth across Africa with 605 million accounts
Kenya leads the way in mobile money adoption, but markets across the region are quickly catching up, making it a payment method that must be on global merchant’s radar.
Versatility of payment method
Mobile money allows customers to not only pay for purchases but to receive, deposit, and send money using a virtual wallet on mobile phone.
Why is EBANX offering mobile money methods important for Africa?
Wider footprint than traditional banks
There are more cellphones than bank accounts in markets across Africa, making mobile money essential in unlocking a larger target market and reaching new users.
With major digital payment partners differing between countries, cross border payments can be costly and slow as the connections between these partners are limited. Mobile money focuses on the last mile payment by working through local agents that facilitate the cash-in and cash-out transactions.
Mobile Money vs Digital Wallets
While there are parallels between digital wallets and mobile money, the primary difference is that mobile money does not require internet access and is powered with the telecom infrastructure. This makes it more accessible than digital wallets.
Evolving state of mobile money
The adoption of mobile money moved quickly, and the next decade of mobile money is expected to be ushered in just in fast but looking different than the first. Investing in the mobile money market now, keeps you ahead for the future.
Kenya’s payment method that pioneered the scale of mobile payments
Launched in 2007 as a partnership between leading telecom organizations, M-PESA has rapidly become a dominant payment method and is driving innovation in commerce across Kenya and beyond.
For merchants, offering M-PESA is a way to increase their total available market in Kenya
Widely adopted with 52 million users
M-Pesa is a mobile banking service that allows users to store and transfer money and pay for online shopping through their mobile phones.
M-Pesa was introduced in Kenya as an alternative way for the country's population to access financial service.
Diverse network of M-PESA Agents
M-PESA pioneered an agent-model, making it possible for banks, institutions, stores and kiosks to offer and enable the payment method. Today there are more than 160,000 M-PESA agents.
Ease of access for consumers
M-PESA made it possible for consumers to have a bank account attached to their phone number. With a larger number of M-PESA agents within proximity, the payment method is one of the most accessible.
M-PESA Specs with EBANX
Via mobile phone distributed by telcom companies
Cross border availability:
Minimum Transaction Value:
Maximum Transaction Value: