Mobile Banking Services in Africa: Jsbmarketresearch

Mobile Banking Services In Africa: The Emergence of Mobile Savings, Credit and Insurance

Released On 30th October 2015

Synopsis

Mobile Banking Services in Africa: The Emergence of Mobile Savings, Credit and Insurance report provides an overview of mobile banking services and covers the approach of telcos seeking to leverage the mobile banking opportunity.

Summary

The mobile money market has been evolving quickly and the African region is witnessing the emergence of mobile banking services including savings, credit and insurance. Mobile money services has a huge potential for revenue generation for telcos, owing to relatively low penetration of banking services (around 29% of the population) and mobile phones (which is nearly 80% of the population). There were around 255 live mobile money services operating in 89 different countries in the region. Most of the leading operators in the region (like Safaricom, Orange, Vodacom etc) have developed their own mobile money services.

Key Findings

- The mobile savings market is driven by two distinct commercial models: the development of dedicated saving accounts, separated from the mobile wallet, and the distribution of interest based on money stored in the mobile wallet. In the second model, MNOs do not need to create specific partnerships with banks, and have full control of the operation. 

- The mobile credit market has two commercial models: some MNOs have created strong partnerships with financial institutions to offer credit facilities via their mobile money systems, while others provide extra airtime when customers are running out of credit.

- Finally, the mobile insurance market offers four commercial models, ranging from the traditional pay for premium and freemium models, to the emergence of new commercial schemes.

It consists of

- Key challenges and opportunities surrounding regulatory frameworks.

- Overview of the current mobile money environment and factors including...