Africans’ financial lives–from becoming paid to taking loans out –are occurring on mobile phones
It is well-known that cash that is cellular is the principal banking instrument of choice for a lot of Africans.
This year $33 billion is likely to change hands via cellular services.
A recently available survey done by SOKO Insight, a research company, looked at cellular-cash use in Kenya and Ghana, where nearly two thirds of mobile owners finally have cellular telephone-cash accounts.
And where it was primarily something to send and get cash, money that is cellular telephone has additionally become an increasingly common method for individuals receive their wages to cover their invoices, as well as get loans.
Conventional banks have been set by the growth of cellular cash in Africa with mobile phone firms doing double-duty as financial institutions, on the defensive.
But for how much more? Users say cash that is cellular is cheaper, and nearly as user friendly as conventional financial services.
Kenya’s second-biggest bank, Equity Bank, established Equitel before in 2013 in collaboration. It provides an entirely new meaning to the style of a “phone bank.”
