Redefining Mobile Financial Services in Africa
Mobile Financial Services (MFS) in Africa have traditionally targeted unbanked or underbanked populations at the base of the pyramid. From P2P transfers to airtime top-up to mobile bill payment, these products aimed to create more affordable and convenient financial services for individuals that have mobile phones, but limited access to formal financial services.
While “first generation” mobile money services are still strong and growing, we are also witnessing a new wave of MFS in many African countries. Increasingly, the middle class is expanding and with it a strong demand for mobile payment and m-commerce applications from both merchants and consumers. On the other side of the value chain, service providers are eager to expand into new areas of MFS in order to create new revenue streams.
From MNOs and financial institutions, to third-party technology providers, MFS stakeholders in these economies must re-evaluate how they can adapt to these shifting trends and ensure that they stay relevant as the industry moves towards MFS 2.0. As African markets become increasingly diverse, how can MFS offerings similarly diversify to succeed over the long run?
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