Viewpoint: Will mobile money cannibalise banks? Not really, says GSMA Executive

Wednesday, July 25, 2018

By Julius Bizimungu

Africa is adopting mobile technology faster than any other region and it is leveraging the power of mobile technologies to do business. It is estimated that the mobile ecosystem will add more than US$150 billion in value to Sub-Saharan Africa’s economy by 2022, equivalent to almost 8 per cent of the region’s GDP.

In an exclusive interview during the recent GSMA M360 Africa Series, Goodluck Akinwale, the head of GSMA in Sub-Saharan Africa told Julius Bizimungu of The New Times about the trends in the Mobile Technology sector and the potential at play.

Part of the conversation was mobile money. Is it timely?

Mobile money is one of the jewels in the crown for Sub-Saharan Africa and it’s a place where we have excelled, and we are working with the industry and all stakeholders to ensure that we continue to excel in this space.

This excellence is going to depend on supportive regulations, supportive taxation policies and moving the focus from person-to-person payments to using mobile money to develop the framework for person-to-government payment, for business-to-government payments and also for government-to-person payment.

Photo courtesy of Ava Systems.

Source: The New Times (link opens in a new window)

digital finance, digital payments, fintech, mobile finance