Mobile Money Accounts are Outnumbering Bank Accounts in Africa

It is a popular fact that remittance via mobile has picked up a rapid pace in Africa. The most prominent example that can be cited is that of Kenya where people have been using mobile money for over seven years. M-Pesa is Kenya’s dominant mobile-money provider. Such mobile money services allow people to make P2P payments by simply texting. As per recent figures, mobile-money accounts now outnumber bank accounts in 9 countries – Cameroon, the Democratic Republic of Congo, Gabon, Kenya, Mada ...

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