Mobile money, card as Africa’s access to global finance

that remained unbanked into the fold to participate in economies across the continent.

But, they’re not guaranteed to be able to do so outside of the country, region, or with international properties.While many of the world’s largest digital merchants have started accepting mobile money payments, most international merchants still do not. This has meant that utilising mobile money in the global commercial space is cumbersome, resulting in a gap between financial inclusion locally within the continent and access to the global financial system.

In connecting Africa to itself and the world, much like the continent itself, the payments environment in Africa is highly dynamic and diverse. Across individuals and countries, payment types can vary significantly, resulting in a splintered and disconnected payment ecosystem.

Although before, people would need to transfer funds from their mobile wallet to a bank account and then use the bank-issued card to make a payment, this interoperability between the two legacy platforms—mobile wallet and card—means that both individuals and businesses are able to make direct payments by simply linking the two together.

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Mobile money, card as Africa’s access to global financeMobile money has exploded across African economies as an enabler of financial inclusion by bringing in large swaths of the population that remained unbanked into the fold to participate in economies across the continent.
Source: GuardianNigeria - 🏆 1. / 94 Read more »