Summary of Africa Blazes a Trail in Mobile Money

Time for Banks and Mobile Operators to Devise Strategies

Boston Consulting Group,

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Africa Blazes a Trail in Mobile Money summary
The mobile financial services marketplace in Sub-Saharan Africa seems like an entrepreneur’s dream, but providers should enter with their eyes wide open.

Rating

7 Overall

7 Importance

8 Innovation

7 Style

Recommendation

The mobile financial services marketplace in Sub-Saharan Africa seems like an entrepreneur’s dream: While about three-quarters of the population lacks access to banking services, more than half uses mobile phones. The ability to meld these two phenomena effectively represents an untapped and potentially lucrative opportunity for financial services providers and mobile network operators, if they can overcome a number of significant hurdles. getAbstract recommends this sobering but ultimately optimistic report from Boston Consulting Group professionals Hans Kuipers, Mikaël Michiels and Michael Seeberg to leaders in global financial services and mobile technology, and to those with business interests in the region.

In this summary, you will learn

  • How mobile financial services are evolving in Sub-Saharan Africa
  • How Africans are embracing mobile technology
  • What banks and mobile network operators should do to capitalize on the area’s opportunities in mobile financial services
 

Summary

Financial services are largely out of reach for most sub-Saharan Africans, many of whom make less than $3 per day. But as the region progresses economically – spurred by a young and growing population, as well as by state efforts to promote education, health and well-being – people will need more formal...
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About the Authors

Hans Kuipers, Mikaël Michiels and Michael Seeberg are Boston Consulting Group executives.


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