The global demand for mobile-money is increasing and sub-Saharan Africa leads the way with 396-million registered users
Banks do not lose out because the mobile-phone companies park deposits with them, giving them cheaper access to funding.
Vodafone’s Johannesburg-based Vodacom Group in 2018 bought a stake in Safaricom, based in Nairobi, from its parent to gain access to its M-Pesa money-transfer service, helping to double earnings from financial services. Vodacom last year made 11-billion transactions worth R2-trillion to 36-million customers.
“There’s huge prospects,” he said. “One of the things that was lacking in our financial system was the ability to move funds around. Businesses have been established because of mobile money.”
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