Africa leads in Mobile Innovation

Future Bank Africa 2013

"While there is a drive in the US and Europe, to provide wallet and API solutions on smart phones, payment innovation in the developing world, particularly in Asia and Africa, tends to concentrate on the movement of cash between sender and receiver, typically over large distances," Ngoni Simelane said.

Payment innovation in Africa bridges the imperatives of both the developing and developed world and as far as banking and payment innovation is concerned Africa seems to be leading the way, especially when it comes to mobile innovations.

Reports by PwC, Deloitte and the GSM Association have confirmed that mobile is a growing trend in Africa. Africa's mobile markets edge lies in its role as an innovation hub for new products.

It's no secret that Africa has more than 500 million mobile subscribers across its 54 countries. So why wouldn't it be the best place to source and implement innovative mobile applications. These applications stretch from health to agriculture to banking sectors.

The PwC states that mobile ­payments and commerce were among the largest areas of service opportunity. This reflects the potential to use mobile and broadband to reach Africa's large unbanked population which will in turn assist them in participating in mainstream financial services.

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Future Bank Africa is a conference that is all about technology, innovation and the consumer so to further your knowledge on payment innovations and technologies join the discussions on:

Cards and Payments Africa 2013

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Twitter: @totalpayments


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