April 2

Accel-Backed Mobile Money Platform Nala to Start Offering Remittance Services to East Africa

By Tage Kene-Okafor

According to a McKinsey report, the total number of mobile money services worldwide was 282 in 2017, with more than half of those operating in sub-Saharan Africa.

In 2020, these numbers increased significantly, but the ratio remained similar. In 96 countries, there are 310 live mobile money services, according to a GSMA report. Out of that number, 171 are from Africa, while 157 are in sub-Saharan Africa.

In Tanzania, mobile money services can be relatively difficult to use due to unstable internet and high service fees. Benjamin Fernandes noticed this as a national television host while building a mobile money service to enable people to pay for TV subscriptions in East Africa back in 2011.

Photo courtesy of Photo credit: Erik (HASH) Hersman.

Source: TechCrunch (link opens in a new window)

cash transfers, fintech, remittances