The Banker Podcast The birth of African mobile money
Aug 18, 2022
Discover the transformative journey of mobile money in Africa, sparked by the groundbreaking success of M-Pesa. Dive into the factors that fueled its rise in Kenya while examining why similar systems struggled in other nations. Explore how new entrants in Nigeria are reshaping the financial landscape and their role in enhancing financial inclusion. The conversation unveils challenges and opportunities, highlighting the significance of education and connectivity in unlocking potential across the continent.
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Airtime via SMS
- In the Philippines, a mobile operator started selling airtime via text messages to reduce costs.
- This allowed customers to buy smaller amounts and expanded the operator's retail network.
Mobile Revolution
- Prepaid mobile phone services from private operators revolutionized communication in Africa.
- They bypassed the limited and costly services of state-owned telcos.
Mobile Phones, No Bank Accounts
- Lesley-Ann MacLean observed in Kenya that people lacked bank accounts but had mobile phones.
- This led her to think about the potential for mobile money.