With mobile technology as one of our key investment themes, mobile money has been exemplary in defining the impact that mobile can have on access to finance for both individuals and organizations. Here’s what we read this week on the latest news in mobile money.
Mobile Money Transforms Kenyan Banking Market from Mobile Payments Today
As one of the best examples of successful mobile money adoption, 64% of Kenyans now actively use their mobile phone for banking transactions, according to a study by the Kenya Bankers Association. This use includes paying utility bills, school fees, and buying goods for their homes. Additionally, nearly one-fifth of all cash withdrawals in Kenya occur through a mobile operator, as opposed to a traditional bank. As the rest of the world begins to realize the potential of mobile money, Kenya is a prime example of the best practices and potential benefits of adoption.
Mobile Payments Driving Global M-Commerce Adoption from Mobile Money Africa
Globally, 66% of consumers are engaged in mobile banking as opposed to Africa, where 82% of consumers are utilizing this technology. Based on the results of MEF Mobile‘s 13-country Mobile Money Insight Report, 15% of mobile users used mobile payments to pay for goods in 2013. Additionally, it was found that mobile money users are 26% more likely to buy via mobile than average. This suggests that not only is mobile money becoming increasingly popular across the globe, but there are also advantages to local economies and business owners for encouraging this technology.
The Planet has Reached the Mobile Moment: Top 20 Mobile Growth Stats by Tom Vassos from Mobile Business Insights
The number of mobile subscriptions has now surpassed the population of the planet. This has resulted from mobile penetration in almost every country around the globe, with some individuals averaging more than two mobile subscriptions. Additionally, there are three times as many mobile phones in the world as there are computers, and according to the United Nations, more people in India have access to mobile phones than toilets. These staggering statistics provide the optimal opportunity for mobile phones to do more- to facilitate monetary transactions, to increase educational opportunities, and to begin to pull people out of poverty.
Mobile Money ATM Withdrawals Made Available in Nigeria by Simnikiwe Mzekandaba from IT Web Africa
Pan-African payments company Interswitch Transnational has developed an ATM technology known as Quickteller which will allow users to cash out mobile money transfers. While mobile money has taken off in African countries like Kenya, other countries, such as Nigeria, have been less successful with the technology. One of the main obstacles has been a lack of agents to provide cash to customers after a mobile money transaction. However, Chief Payment and Value-Added Services Officer at Interswitch Nigeria, Titilola Shogaolu stated, “We firmly believe that Nigerians everywhere, with or without a bank account, deserve to have access to contemporary payment technologies designed to simplify financial access.”