As mobile adoption increases and digital payment methods become more accessible, the drive towards a ‘cashless Africa’ could become a reality, says CMTrading.
The prospect of a “cashless Africa” has triggered a scramble for control of its Fintech market writes CMTrading. For investors, this presents a unique opportunity for growth and profit potential. We take a long a major trend in the African economy.
Mobile Money – an African FinTech revolution
The African banking industry is undergoing a radical transformation, spurred on by increasing access to digital services. Innovations such as cryptocurrencies and digital payment methods are pushing African consumers towards decentralized finance. This has traditional- banking institutions understandably worried yet present a huge opportunity for investors.
The Africa CEO Forum reported that 70% of the continent’s financial institutions reported shifting towards the digitization of their businesses due to the pandemic. Nigeria for example has seen a 500% increase in online payments in 2019, reports the Nigeria Inter-bank Settlement Scheme (NIBSS).
Mobile Money is still in its infancy in South Africa but that will change in the very near future. We’ve already seen many local companies invest and adapt to mobile money needs.
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Why are mobile money accounts important? According to a McKinsey study at least 2 billion people, 200 million businesses lack access to formal savings and credit. Surprisingly, 50% of the 282 registered mobile money services operating globally are based in Africa. For investors, this is an area to watch with great interest especially as Bitcoin becomes normalized for payments in African countries such as Nigeria.
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