“Change is inevitable, and the disruption it causes often brings inconvenience and opportunity”. –Robert Scoble.
The Covid19 pandemic rubbed off on the universe with a great tangibility that would outlive its stay. Never in a while has any major incidence disrupted the cycle of life, human co-existence and business processes as much as it did. The mobile money market is one of the business arms experiencing a big HIT in Africa.
THE CASH TO CASHLESS SHIFT
Before the covid19 pandemic, the culture of payment and purchase in Africa had never fully taken the ‘swipe-the-card-to-pay’ approach due to the imbalance in financial inclusion, socio-economical gap and many other factors. Fast forward to the pandemic, human co-existence and intimate interrelation was greatly restricted in a bid to curb the spread of the virus. The usual day-to-day business operations was not spared and ultimately, there was an unavoidable implementation of the ‘cashless’ policy.
With Covid19 upending the cash economy, brands were left with no other choice than to gradually make the switch to cashless payments and like wild fire, Africa began to mount its way up the ‘mobile money market’ ladder and currently according to the GSMA’s 2021 State of the Industry Report on Mobile Money, there are currently over 1.2 billion registered mobile money accounts globally and almost half of those are in Africa.
The GSMA report also has it that there are over 300 mobile money services across over 80countries and over half of this figure are African-owned.
The report also featured a 12% increase in the millions of registered mobile money accounts as well as over 150 million active accounts.
Against all odds, the industry continued to make a case for resilience in providing services to meet the need of people during the crisis. Mobile money is winning and Africa is dominating the mobile money market.
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