Mobile Financial Services (MFS) in Africa and The Middle East are Still Continuing to Grow and Develop
After more than a decade since MFS first made an initial impact on the wider market, their revenue growth still remains high in first-movers such as Kenya. Meanwhile, usage is increasing in previous laggards such as Ghana and even Iraq.
Several Mobile Network Operators (MNOS) are now Developing New Services and Ecosystems in order to Maintain Growth and Drive Further MFS Usage
Two of the main new approaches are e-commerce platforms that target mobile
middle-income online consumers and mobile point-of-sale (M-POS) solutions that
target shoppers and traders in the informal sector.
MNOs have for a Long Time Been Partnering with Formal Financial Service
Providers such as Banks and Insurance Companies, but some MNOs now have Greater
Some MNOs, particularly in sub-Saharan Africa (SSA), are increasing their efforts within interest bearing MFS, such as savings and credit, by creating regional partnerships with more formal financial players. Conversely, one regional operator has already committed to itself becoming a formal financial player, having officially applied for a banking license from one of the regional central banks.