Mobile money platforms like M-Pesa have the greatest impact on rural, low-income, and historically excluded communitirs.
Less than half of adults in Africa have bank accounts as limited access, high costs, and strict requirements have historically excluded many from formal financial systems.are changing this narrative,Over half of global mobile money accounts are in Sub-Saharan Africa, with $2.3 billion transacted daily, according to the GSMA.
The convenience, affordability, and widespread adoption of mobile phones have allowed mobile money to bridge the gap between the formal financial sector and the unbanked population.”The impact of mobile money platforms is greatest among people living in rural communities, those in lower socio-economic groups and historically excluded groups like women and people living with disabilities, says Guiterrez.
“In action, these digital tools empower individuals to tap into funds to transform their lives, from furthering education to starting a new business. By facilitating financial transactions, mobile money has stimulated economic activity across various sectors, enabling businesses to operate more efficiently and reducing the reliance on cash-based transactions.”
M-Pesa simplifies account monitoring for her business, providing better financial visibility and making bookkeeping easier when customers pay via mobile.
M-Pesa Amanya Kuchio Femme Logistics Africa.Connected Diego Gutierrez
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