Mobile Money transfer rise from $5 billion to $45 billion in East Africa

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Since the mid-2000s, mobile money has been kicking around Africa, notably in Kenya and the rest of East Africa. Recent statistics, put mobile money transfers at over $45 billion, or around a third of the GDP for the East African Community. This in itself represents a significant increase in use compared to a figure of just under $5 billion a few years before.
 
To put this into perspective, the East Africa Community are exchanging about $125 million per day, which is unsurprising when you consider less than 20% of African adults have traditional bank accounts, yet 90% of adults in the region have a mobile money account.
 
The melee for the unbanked, the battle to provide transaction services, payment solutions, access to finance and lending, is driving the development of numerous financial technology (FinTech) products.
 
There are more mobile money products emerging from the region, notable competitors to Safaricom's MPESA coming directly from the Kenyan Bankers Association. Cross-border money transfer solutions, social lending, the rise of cryptocurrencies, and a host of new FinTech products are disrupting traditional banking ideologies.
 
eCommerce Africa 2017 introduces Money Africa, a FinTech focused track that will give further insight into what is occurring in East Africa, and its impact on the rest of the continent. 
 

Posted by Kinetic-Design