In the past decade, starting 2005, mobile money commenced in Africa and has received good reception from Africans. In Ghana, Nigeria, and other West African nations, the new system of banking is evolving into larger markets than its assumed restriction to small and medium enterprises.
In East Africa, there have been substantial progress in mobile money operations while there is still an excellent outlook for the sector. Currently, statistics is putting mobile money transfers at over 45 billion USD, or around a third of the GDP for the East African region. While the sector was nearly estimated at around 5 billion USD, this increase shows a massive growth as the years passes by. Additionally, this could mean that, the EAST Africa region is exchanging about 125 million USD per day, which is unsurprising when you consider less than 20 per cent of African adults have traditional bank accounts, yet 90% of adults in the region have a mobile money account. At some point in time, convenience has done the trick for the mobile money sector all across Africa.
The quest to provide swift transaction services and payment solutions, and also access to finance and lending, is driving the development of numerous financial technology 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 crypto currencies, and a host of new financial technology products are disrupting traditional banking ideologies.
E-commerce Africa 2017 introduces Money Africa, a financial technology focused track that will give further insight into what is occurring in East Africa, and its impact on the rest of the continent. The guest speakers for the event includes Michael Mbuthia, CIO, Kenyan Bankers Association, Eric Anderson Mugo, Head of Fraud Management and Information Security, Chase Bank Kenya, Jero A. Omare-Ogah, Managing Director, Fortis Mobile Money and Maimouna Gueye, Principal Financial Inclusion Officer, African Development Bank.
36th GITEX Technology Week
Dubai World Trade Centre