July 30

Analysis: Africa’s Mobile Banking Will Be Redefined by Social Media

By Moses Abindabizemu

The rise in mobile and digital banking is likely to surpass the banking sector’s revenue predictions on a continental scale which were expected to increase from $86 billion in 2017 to $129 billion in 2022 according to a study conducted by McKinsey and published in February 2018.

Africa is the second-largest banking market in the world in terms of growth and profitability.

Although a large proportion of the continent’s population remains unbanked, the explosion of the digital banking phenomenon due to emergence and ubiquity of mobile technology has, and continues to make immense contributions in bridging this gap.

Photo courtesy of Xresch.

Source: The Africa Report (link opens in a new window)

digital finance, fintech