Africa is not staying behind in the ICT sector either. According to Afrobarometer Survey in 2013 seven in ten people in Africa own mobile phones. The World Bank estimates that Africa has over 650 million mobile phone subscribers which make it a bigger market than EU or US. 100 million of the total subscribers are smartphone users. Data from TechCrunch shows that US investments is increasing with 2013 as the most active year with over $180 million invested among over twenty start-ups. As of June 2012 over 168 million people in Africa have access to internet with over 51 million Facebook users.
The future of African Banking is poised for a major shakeup because of mobile phones. It is particularly important because it covers people previously excluded such as those in rural areas and informal sector employees who previously didn’t own bank accounts. In 2013 over $1.7 trillion passed through Kenya’s mobile phones thorough Mpesa, a mobile banking network. In Zimbabwe Econet Wireless, the country’s largest mobile phone career surpassed $ 4.2 billion this year and its rivals are not resting either with Telecel launching 2600 mobile transfer centres since January.