The changing mobile banking landscape in Africa

by Sarah Deakin, Marketing Officer, CBNL

Filed in mobile broadband

Using CBNL’s VectaStar since 2006, MTN is one operator that has quickly built and deployed multiple mobile broadband networks throughout Africa. This growth has completely revolutionised communications in the region, introducing wide-scale internet access in many areas and up to 100% mobile penetration in Kenya, South Africa and parts of North Africa.

As mobile broadband has rapidly spread, mobile banking has seen enormous successes across the region. Many of the areas with high take-up rates have not previously had access to traditional banking and the population are able to use it to generate new opportunities in business. Used for buying cattle, paying employees and setting up customer accounts, mobile banking has opened doors to business that were not possible before.

MTN have recognised the importance of mobile banking across their networks. As the BBC reports,

South Africa's MTN recently announced plans for a fully-fledged bank account on mobile phones, with an optional credit card. The service will be extended to the 20 countries where MTN operates, including Uganda, Nigeria, Cameroon and Ivory Coast, which combined have over 90 million mobile phone users

CBNL is proud that the use of its VectaStar solution by MTN is providing access to financial services for people living in remote areas. Such access is an important step in the development of emerging market economies and the economic empowerment of its people.