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2230

Mobile Money Transfers To Africa Expected To Hit $33 Billion This Year

PCWorld: The amount of money sent to sub-Saharan Africa via mobile services is expected to hit $33 billion this year, reflecting the increasing number of mobile phone users on the continent. There has been significant growth in mobile money remittances in Kenya, South Africa and Uganda recently but there has been stagnation in Nigeria, Africa’s largest telecom market by investment and subscription, according to WorldRemit, a global money transfer company. Still, Nigeria, which received $21 billion in 2014 via mobile money, accounts for two-thirds of remittances to the region. (more…)

Fintech news, Remittances

April 22, 2015

1659

Mobile money: why isn’t the M-Pesa effect hitting more countries?

THE GUARDIAN: Access to financial services via mobile phones has proven to be a huge boost to development. Why aren’t more countries following Kenya’s success? (more…)

Fintech news, India, InspirAsia, Mobile payments/banking

April 16, 2015

1841

Bill Gates: Can Mobile Banking Revolutionize The Lives Of The Poor?

THE VERGE: Guest editor Bill Gates. In the village of Sori along the banks of Kenya’s Lake Victoria, fishing has long been the lynchpin of the local economy. Jobs here are largely divided by gender: men catch the fish, and the women process the meat, take it to market, and handle finances. As detailed in a 2012 study from the SIT Graduate Institute, residents of Sori traditionally kept their money at home. Theft was a constant concern, and many of the women interviewed reported their husbands misappropriating their savings. For many, traditional banks were either too far away, or demanded minimum deposits the villagers could not afford. (more…)

Fintech news, Mobile payments/banking, news

April 3, 2015