In Africa, Money Not Necessary for Mobile Banking

Necessity, they say is the mother of invention. It couldn’t be more true in case of Africa, where pre-paid airtime is fast becoming the ‘virtual’ currency for Pan-African trade, overcoming conventional currency exchange and lack of banking infrastructure. For example, this case started out as phone users in Nigeria…

Use of mobile phones has been increasing at an annual rate of 65%, more than twice the global average. This remarkable expansion is, in part, a reflection of the wretched state of many fixed line networks throughout the continent.

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