The head of the UN economic agency says that central banks in Africa are failing to understand the power of banking innovation; less than a third of people in sub-Saharan Africa have access to the financial system; certain countries like Kenya have seen wide adoption of services like mobile money, but then crossing into Nigeria the same service can be used by 1 percent of people; Telcos have really taken the lead on the continent to help bring access, but central banks are still regulating banks through the lens of traditional banks; regulators are starting to learn and enthusiasm for new ideas is increasing. Source.
Despite the popularity of M-Pesa and other similar services less than half of the population in sub-Saharan Africa has bank...
T-Mobile recently announced a partnership with BankMobile to offer mobile money accounts to serve the underbanked population in the U.S.;...
Sub-Saharan Africa leads the world when it comes to the number of people per capita using mobile money accounts as...