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Mobile money on the rise in Africa as millions get phones

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Ivan Kiryowa repeatedly checked the balance on his phone, nervous sweat on his cheeks, as he waited for money from a friend. Thirty minutes later, $150 (Dh550) had landed in his account and he sauntered into a hardware store, where he bought bags of cement.

“Mobile money is convenient for many of us who rely on our phones to pay bills and make transactions without having to go to the bank all the time,” Kiryowa said. “Without it, I think we would have a lot more problems.”

Mobile money has become a way of life for millions of Africans who use their phones to pay utility bills, settle loans and even bail out friends in distress. There were 84 million active mobile money accounts in Africa as of December, according to the London-based industry group GSMA. It says there were mobile money operations in 31 African countries.

For more on this story visit the following link: Mobile money on the rise in Africa as millions get phones

Source: Gulf News Africa

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