Mobile Money

  • Permalink Gallery

    Catherine Wines: ‘International remittances help people directly’

Catherine Wines: ‘International remittances help people directly’

Immigrants who send money back home can be a lifeline to their families. According to some estimates, remittances to developing countries reached US$ 436 billion in 2014. Despite the fast growth of the market, until a few years ago it was a cumbersome, low-tech process. In 2010, an African immigrant saw an opportunity to take advantage of the mobile money phenomenon in Africa and founded WorldRemit, […]

  • Permalink Gallery

    Edward George: ‘Banks are in danger of becoming utilities’

Edward George: ‘Banks are in danger of becoming utilities’

As the market for fintech grows in Africa, Ecobank Transnational Inc., a pan-African banking conglomerate headquartered in Togo, has built a digital strategy that includes acquisitions, partnerships and in-house IT development. Having a large network of branches is no longer considered sustainable in the long run, as banking moves online. The bank is instead acting as an incubator of African fintech […]

  • Permalink Gallery

    Clarence Blay: ‘Ghana has 140,000 mobile money agents versus 1,300 bank branches’

Clarence Blay: ‘Ghana has 140,000 mobile money agents versus 1,300 bank branches’

The most famous mobile payments system in Africa, MPesa, allows users to make payments by sending text messages from simple mobile phones, not necessarily smart ones. The idea has started a new wave of mobile payments and transfers in the continent, and governments are taking steps to help this ingenious solution usher in a new era of financial inclusion for their countries. Clarence Blay, who […]