I've written about mobile money before ( here and here) and I tweet alot about it. Mobile money is the new black. In this article Managing Director in GT Bank, Mr. Segun Agbaje says that mobile money will transform Nigeria's economy. The services of mobile money would contribute significantly to the growth of Nigeria's Gross Domestic Product (GDP).
Tag: mobile money
This is the second of four posts on Africa 2011. In this post I'll talk about two trends that really has caught my attention.
Mobile payment systems
Something that really caught the attention of many in 2011 is mobile payment. Less than 10 % of Africans have a bank account, but there are more than 620 million mobile phones in circulation. Africa has overtaken Latin America to become the second largest mobile market in the world, after Asia. Mobile payment is the future. Mobile payment has huge potential and many African countries are riding that wave now. Kenyan Safaricom has had huge success with their M-Pesa. They have transacted what is equivalent to 20 per cent of Kenya's GDP and what is more money than Western Union transfers - globally. Watch a short M-Pesa documentary Read more
Here are a few predictions of what we are likely to see in Africa in 2012
- Mobile payments. This is a given as many banks/telecoms providers already have started this, but the potential is simply massive and we will see many companies try to get a piece of the cake. I believe the ones that will make it are the ones that grasp the users both online and offline. Africa (still) needs both.
- Mobile Security and Smartphone
Hacking (is something that unfortunately is very likely to happen),
which will naturally also give space for new businesses to open
with anti-virus software for phones.
- Tons of African tech start-ups focusing on the needs of rural parts of the countries too. Social business will be a big...
African innovation is booming. From making life a bit easier for Africans in rual parts of Africa to saving lives, many Africans are thinking innovation from their own point of view.
We've actually quoted Professor V. Kasturi "Kash" Rangan before but the quote is still very relevant. He teaches a course in Business at the Base of the Pyramid at Harvard University and says in this article that:
The mistake a lot of us (Westerners) make is to look at the folks at the base of the pyramid and assume that they must need the same types of services we need.
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