Report: Mobile Money Transfers Remain Costly for the Poor

Thursday, June 6, 2019

By James Anyanzwa

Kenya is among the top five African countries in mobile penetration, even though the cost of mobile transactions remain high for poor households and businesses.

The cost of mobile money transactions has pushed up the cost of doing business on the continent.

A new report by Egyptian Investment Bank EFG Hermes shows that although financial inclusion has taken root on the continent, it has come at a huge cost to the consumers of mobile money services.

The report, Deepening Financial Inclusion, But at a High Cost, shows that Ghana has the highest rate of adult mobile penetration on the continent followed by Botswana, Kenya, Zambia and Nigeria.

Photo courtesy of Scott Mainwaring.


Source: The East African (link opens in a new window)

financial inclusion, fintech