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Africa still the world’s fastest growing mobile phone market — one in 10 have a mobile device of some description — it is no wonder that traditional banks across the continent are quickly developing their own mobile money solutions.In the past 12 months, the African continent has seen an exponential increase in the number of ‘Mobile Money’ transacting and payment solutions. For the unbanked on the African continent — which remain the majority — “Mobile Money” solutions have given access to mCommerce, which has in turn, opened up major economic opportunities. mTrade is alive, well and flourishing and is a key factor in the “Africa Rising” era.
mCommerce embraces the full gamut of mobile payments, mobile retail and mobile banking and is ideally suited to Africa with its vast geographical challenges, as discovered by the Mobile Network Operators (MNOs) who were the first to lead the charge.
Because they are not “banks” carrying heavy infrastructure costs and overheads, they have been able to keep transactions costs reasonable and are able to adapt quicker to market conditions.
With Africa still the world’s fastest growing mobile phone market — one in 10 have a mobile device of some description — it is no wonder that traditional banks across the continent are quickly developing their own mobile money solutions.
With innovative technology developers — like TrustPay — leading the way in settlement and remittance by integrating a multitude of traditional and non-traditional payment methods, both operators and banks are also now poised to take advantage of the growth in mobile marketing that is also spreading across the continent.
Mobile marketing is not restricted to smartphone users and as a result, feature phone owners who are already used to mobile payment solutions for purchasing airtime and transferring money are now fully engaged in searching for information and then buying and selling goods through their mobiles.
However, because the industry is evolving so rapidly, there are a number of developments that need to be addressed, regulated and taken account of.
Now that the mCommerce and eCommerce sectors are reaching critical mass, it is going to be vital for all stakeholders — consumers too — to engage with one another so that everyone in the food chain benefits and the sector continues to be sustainable.
AfricaCom 2014 is the prime event for these discussions and debates to take place. — AfricaCom.
Online Reporter