ARTHUR GOLDSTUCK: Turning social media into the next mobile banking outlet
Ask anyone in the financial services industry which country has the highest penetration of digital or mobile financial services, and they will typically point to Kenya. The economy of the East African country has been transformed by M-Pesa, launched by mobile network operator Safaricom in 2007. Since then, it has taken financial inclusion in that country from below 10% to well above 70% of the adult population.
But Kenya is not the digital money leader on the continent. Nor is SA. The startling answer is: Zimbabwe. That country's central bank reported in its National Payments System report for the first quarter of this year that a staggering 99.15% of the country's transaction volume for the period was digital...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.