The African retail market and its potential for business development in mobile commerce and payments is rife.
The payment systems in place aren’t the most advanced, but thanks to the large number of unbanked in the region, mobile payments and banking are rife for the picking – creating an ideal market for anyone to explore.
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This report, courtesy of The Economist, highlights:
- Only 15-20% of Africans have bank accounts but 60-70% have mobile phones
- Nigeria now accounts for 30% of MTN's revenue.
- EMP's open-access model is agnostic on whether bank cards or mobile phones will be the main means of epayment.
- Governments are keen on e-payments, “The less cash is used or accepted, the more people are pulled into the formal, taxpaying economy,”
You may also be interested in attending Cards & Payments Middle East on 13-14 May 2014.