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    BREAKING NEWS
    To Our Dedicated Readers…
    Experts Divulged African Nations should brace up for Digital Technology in the Education Sector to Expedite Africa’s Financial Growth and Quality Education
    The East Africa Device Assembly Kenya (EADAK) Sold 360,000 devices being Inaugurated on its Blast-off in October 2023
    ….as it strives to Exploit its Supplies of Fossil Fuels £19 Billion Gas Pipeline would pass…13 Countries
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    Africa Continues to Lead in Mobile Money Adoption, With Over $403 Billion in Transactions, Report

    Posted On 11 May 2022
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Richard Adorsu-

    Photo Credit: Starlingbank

    NEW AFRICA BUSINESS NEWS (NABN) Accra GHANA- Mobile money has evolved from a narrow product service in a few markets to a global financial service. According to MoneyTransfers.com, registered mobile money accounts stood at 1.35B by the end of 2021. This is an 18% growth from 2020.

    In 2021, mobile money adoption and usage increased over the previous year. Last year, there were more than 1.5 million person-to-person (P2P) hourly transactions, a 22-fold increase since 2012.

    “The mobile phone is arguably the most disruptive gadget we’ve ever had,” says Jonathan Merry, CEO of Money Transfers. He adds, “Apart from revolutionizing the way we interact, it is changing how we access and manage our finances, among others. The ubiquity of mobile money services is helping attain financial inclusion, streamlining payments and providing users greater freedoms over their funds. Is it any wonder that their adoption is booming?”

    The COVID-19 pandemic hastened this transition. Most people now use virtual, no-contact methods to buy items, pay bills, receive, and send money. This continued growth helped push the value of transactions to the trillion-dollar mark in 2021. A milestone reached faster than anyone in the industry could have predicted.

    The future of mobile money. Many reasons make mobile banking grow faster than anticipated. The world is becoming a digital society, influencing how people live. Mobile money has come in handy to fill the gap created by traditional money transfer mediums. Mobile money is in high demand. Its convenience is one aspect that pushes its growth daily. Imagine receiving cash anywhere around the globe at the convenience of your couch. What’s more, you can pay for your expenses remotely.

    It is not surprising that several banks are adopting mobile banking services. Financial institutions are entering partnerships with FinTech’s that are offering mobile money. The move is due to the market shift. Banks are noticing that clients no longer subscribe to brand loyalty. Instead, they prefer speed, convenience, accuracy, transparency, and other technological growth. Besides, most people prefer mobile banking due to its security features.

    From the survey, merchant payments were among the notable drivers of growth in mobile money in 2021.

    Africa continues to lead in mobile money adoption Sub-Saharan Africa has seen the most significant increase in mobile money. With $403 billion in transactions in 2020, East Africa maintains the highest transaction values. According to MoneyTransfers.com, West Africa is still proliferating, with a 60% increase in transaction value since 2020.Despite the new milestone, mobile money is still used in low-and middle-income states. North America is still missing from the dataset. Europe has the lowest transaction value among the regions listed.
    Yet, as it finds savings, credit, and premiums applications, mobile money appears set to remain vital in Africa. The venture is attracting multimillion-dollar financing. Entities such as Mastercard aim to bridge financial access gaps in the quickest growing cities.
    Despite the enormous progress in mobile financial services in many nations, its sustainability is under threat by various policy and regulatory procedures. Both mobile money providers and customers share the high cost of compliance. Such regulations harm future investments and customer use of mobile money services. A dialogue between policymakers, regulators, and industry leaders is vital. This might do away with hostile policy and regulatory  interventions.

     

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    Doing Business, planning to do Business in Africa or the United States of America, The Global International Consultants can help. Contact: info@theglobalinternational.com

     

    Current Outbreak of Coronavirus (COVID-19) Disease- Coronavirus advisory information, World Health Organization & United States, Centers for Disease Control and Prevention

    Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

    Coronaviruses are zoonotic, meaning they are transmitted between animals and people.  Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.

    Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.

    Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO

    who.int/emergencies
    Coronavirus Q&A, World Health Organization
    who.int/news-room
    Coronavirus condition overview, World Health Organization
    who.int/health-topics
    United States, Centers for Disease Control and Prevention
    cdc.gov/coronavirus/2019-ncov

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    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent
    About the Author
    New Africa Business News Staff Correspondent
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    • Experts Divulged African Nations should brace up for Digital Technology in the Education Sector to Expedite Africa’s Financial Growth and Quality Education
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