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Millions join Africa’s mobile banking revolution

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Banks and financial service providers across Africa are responding to high demand for mobile bank accounts, with Malawi, Kenya, and Ghana the latest to reveal a raft of new additions to their respective mobile banking industries.

In Malawi, families reliant on overseas remittances from friends and relatives working abroad will be able to receive money using their phone, after WorldRemit launched its instant Mobile Money account in the southeast African country.

“With only 18 percent of Malawian adults holding formal bank accounts, the only option for most people [receiving money] was to travel to a money transfer agent to collect cash. Malawians can now receive those remittances directly on their phones, at any time of day or night, without needing to wait in line or worry about carrying a lot of cash,” said Alix Murphy, senior mobile analyst at WorldRemit.

For more on this story visit the following link: Millions join Africa’s mobile banking revolution

Source: Development Finance

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