Even Africans with bank accounts often face high charges for moving their cash around, due to high transaction costs. It is this gap in the financial services market that is creating a unique niche for mobile phone banking to develop on the continent.
Tuesday, March 8, 2011
Low Banking Usage in Sub-Saharan Africa Creates Mobile Opportunity
Sub-Saharan Africa has the lowest deposit institution penetration in the world standing at an average of 16.6 percent compared to 63.5 percent in other developing countries, the African Development Bank says. “It is this gap in the financial services market that is creating a unique niche for mobile phone banking to develop on the continent, enabling a growing number of people to access financial services for the first time,” ADB says.
Gary Kim has been a digital infra analyst and journalist for more than 30 years, covering the business impact of technology, pre- and post-internet. He sees a similar evolution coming with AI. General-purpose technologies do not come along very often, but when they do, they change life, economies and industries.
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