Mobile banking in africa pdf

In 2009, fnb mobile banking customers made 56 million transactions worth the value of zar7. Mobile financial services, known as mobile money, allow unbanked people to use their phones as a bank account. As a new year beckons, it would be prudent to remind ourselves about one of the most precious blessings which we have at our disposal. Banking in subsaharan africa european investment bank. The fast growth of mobile phones in a developing economy such as ghana which is most likely have caused the increase in the number of mobile users to exceed the numbers of banks 5. Before digging into mobile banking and payment in africa, it is. The mpesa mobile payment system was launched in kenya in 2007. First national bank fnb of south africa the fnb has the largest mobile banking customer base in south africa. Pdf fast growing economies with limited formal banking services experience greater financial exclusion and transaction curtailment, but mobile. In less than ten years, kenya has become the leading country in ssa for mobile banking penetration and mobile banking has. Afdb africa economic brief african development bank. Mobile banking activity is highest in africa, led by nigeria, south africa and kenya which has the reputation for being the worlds mobile money pacesetter with mpesa.

In subsaharan africa, eibs engagement is geared towards promoting local private sector development. Today, as it faces new challenges, it has 30 million users in 10 countries and three continents. Mobile banking and why its growing in africa infomineo. African appetite for mobile banking developed along the explosion in mobile phone technology. Currently, it has over 2 million customers and attracts about 90,000 on a monthly basis. Kenya, sierra leone, south africa, ghana, nigeria, and all 21 mtn countries are moving deliberately, if not cautiously, to ensure their people are not left out. For south africa and other developing countries, mobile banking serves as a vital interface between consumers and the banks by permitting money transfer, saving and investment opportunities 23. The bank is a key provider of both longterm financing and expertise, supporting investments that foster eu policy objectives, inside and outside the eu. The mobile commerce involves such applications like mobile banking, mobile payment, mobile mar keting 6 7. Mobile banking in subsaharan africa munich personal repec. Pdf mobile banking in south africa melchizedek theo. The mobile money revolution in zambia by mwatula chiti. The development of mobile banking has contributed towards enhanced financial inclusion in subsaharan africa ssa.