1st Afrika Times International

News

 Breaking News

GSMA: Operators Commit to Accelerate Interoperable Mobile Money Services across Africa and the Middle East

May 01
00:13 2014

The GSMA today announced that nine mobile network operators, including  Bharti Airtel, Etisalat Group, Millicom, MTN Group, Ooredoo Group,  Orange, STC Group, Vodafone Group and Zain Group, have committed to work  together to accelerate the implementation of interoperable mobile money  services across Africa and the Middle East regions. Collectively, these operators account for 582 million mobile connections across 48 countries  in Africa and the Middle East. The GSMA’s Mobile Money Interoperability  (MMI) programme is a global programme which also includes mobile network  operators from other regions and focuses on helping them to successfully launch and scale interoperable mobile money services through identifying and sharing best practices, guidelines and processes, creating  performance benchmarks, and providing regulatory support.

“We have seen the significant benefits of mobile financial inclusion in the developing world and operators recognise that, through  collaboration, there are opportunities to extend this inclusion even  further”

“We have seen the significant benefits of mobile financial inclusion in       the developing world and operators recognise that, through  collaboration, there are opportunities to extend this inclusion even       further,” said Anne Bouverot, Director General, GSMA. “Mobile network  operators are engaging with each other, with banks, financial       institutions, regulators, governments and ecosystem partners, to       identify and implement solutions that will successfully allow more  mobile financial services to be delivered to a broader range of people       across both regions, while maintaining high service quality. We are very  pleased that these operators are taking the next steps in providing       convenient, affordable and ubiquitous financial services to men and  women across the region.”

Mobile Money Market Landscape

It is estimated that 2.5 billion people in lower to middle income  countries lack access to financial services and cannot adequately inves in their livelihoods, protect their assets nor mitigate shocks that  cause them to fall deeper into poverty. However, it is estimated that  1.7 billion of these people have a mobile phone, providing existing  infrastructure that can be used to sustainably offer financial services  such as payments, transfers, insurance, savings, credit and cross-border  remittances. GSMA research has shown that the number of active mobile money users continues to grow rapidly, with more than 61 million  accounts active as of 2013.

Sub-Saharan Africa (SSA) is widely recognised as a pioneering market for mobile money and is home to 52 per cent of all live mobile money deployments worldwide. In some of the Middle East and North Africa (MENA) countries, although there are a number of regulatory challenges  that have slowed down the growth of mobile money, it is now gaining  popularity in the region. At the end of 2013, deployments in MENA  represented six per cent of the live mobile money services globally and 13 per cent of total planned services, indicating that the region will  become increasingly important for the industry globally.

As of December 2013, mobile money in the Sub-Saharan Africa and Middle East and North Africa regions showed significant growth:

  •         The regions accounted for 58 per cent of the world’s 218 mobile money deployments;
  •         Sixty-six per cent of all registered accounts and 73 per cent of active accounts are located in Sub-Saharan Africa and the Middle East and North Africa; and
  •         Mobile money users in these regions accounted for 77 per cent of global transaction value in June 2013, performing 341 million transactions totalling USD $5.7 billion.

Bouverot continued, “Mobile money is a young industry, with over 80 per cent of all deployments launched during or after 2010. In order to  accelerate the growth of mobile money, we call on telecommunications, financial sector regulators and policymakers to provide a policy and fiscal environment that enables these services to be rolled out  successfully to promote a nascent and important driver of commerce and  socio-economic development.”

 

About Author

Jide Adesina

Jide Adesina

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Search This Site

The Tourist

Join Us on Facebook

Recent Posts

Nigeria Ruled by Incompetent ‘Saints…Governance by Propaganda and Lies has been Institutionalized by ‘Saints’
Nigeria Ruled by Incompetent ‘Saints…Governance by Propaganda and Lies has been Institutionalized by ‘Saints’

I am a terminal optimist; ‘a believer’ in Nigeria’s future greatness, that is why three years ago, I would not

Read more

 
CCT to resume Onnoghen’s trial February 4
CCT to resume Onnoghen’s trial February 4

The Code of Conduct Tribunal has fixed February 4 for the resumption of hearing in the charges filed against the

Read more

 
Meghan Markle Debuts Her Second Stella McCartney Wedding Dress En Route to Her Reception
Meghan Markle Debuts Her Second Stella McCartney Wedding Dress En Route to Her Reception

Meghan Markle debuted the dress earlier today when she arrived at St. George’s Chapel for her wedding ceremony to Prince

Read more

 

1st Afrika Times TV

WP Facebook Auto Publish Powered By : XYZScripts.com