Mobile money has become a commonplace payment method in most of Africa for a simple reason -- access. Africa has over 350 million financially excluded adults – 55% have no bank account, credit cards, loans, or savings.
When expanding into regions with low internet or bank penetration, implementing payments via mobile money assures you’re not losing out on millions of valuable customers. Mobile money quickly became widely used throughout Africa because mobile money agents teach and explain the payment process and technology.
Mobile money solutions
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mPesa
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MTN Mobile Money (MoMo)
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Airtel
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Paga
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Orange
How does mobile money work?
By depositing cash at registered agents (corner stores, individuals), users can send their funds using an account linked to their mobile number. Each transaction needs a PIN code input to assist with secure transactions.
While mobile money is similar to eWallets, it’s not the same. Mobile wallets rely on smartphone apps, mobile money works purely off of a cellphone number on a basic phone. eWallets also need internet access and a traditional bank account to link to most of the time.
Benefits of offering mobile money payments for your business
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Coverage
There are over 1.6 billion registered mobile money accounts globally. -
End-user satisfaction
Millions of people in financially excluded areas rely on mobile money for peer-to-peer (P2P) payments, bill payments, and their general daily transactions. Customer satisfaction and familiarity with payment options means higher conversion rates for your business. -
Immediate
Payment notification is instant on the business and customer-side.
