Financial inclusion has been a dream for many countries, and their population, in the vast continent of Africa. Technological advancements have opened up new avenues such as mobile money here, which the people have accepted quite well. With MTN Cameroun (and countless other mobile money services) conveniently available, mobile money is transforming lives. If you are wondering why Africans love using mobile money?- here are five reasons why.
In many African countries, poverty and the bad economy have increased the risk of theft and robberies. Furthermore, seasonal floods, droughts, Ebola outbreak, natural calamities, and not to mention coronavirus, has made it risky for people to venture out to the banks. Mobile money or digital payment allows for safe payment without such risks. Hence, Africans have accepted mobile money for safe payment wholeheartedly and there’s no looking back!
Cheap Operation Cost
A conventional transaction needs a bank branch and infrastructure, staff, electricity, and traveling. Quite obviously, customers need to pay all their costs, which in turn make banking a burden for the underprivileged. Mobile money has amazingly low operational costs. Their charges are spelled out and are easily affordable and understandable even to the rural moderately educated population.
Easy Financial Inclusion
The primary reason why mobile money is so popular is that it is easy. A person needs a phone, data subscription, and internet connection to reap the benefits. Mobile money gives those people entry into the financial scene that couldn’t earlier because of various problems. Rural residents and women who can now have access to bank facilities without traveling to the bank. It was reported that around 1,85,000 women graduated from a farmer to a business or retail sale because of mobile money!
Swift User Experience
Many people in third world countries don’t know anything about banking, its process, and protocols. This lack of knowledge makes most people fearful or hesitates to use a bank. Meanwhile, mobile money gives the user a simple, effortless experience. All the processes are easy to understand and pretty straightforward. Paying bills is now just a click away that too without transaction cost.
In Africa, the population with the phone is greater than the population with bank accounts. Furthermore, for more than half of rural Africans, the nearest branch is still far from their home and requires traveling (with the risk of theft). With mobile money, Africans now have transactions without wasting any time on traveling to and fro from the bank. Mobile money ensures fast transactions even if it is an overseas transaction.