Mobile Banking has been a solution for the unbanked population. Global Findex estimates 1.1 million unbanked people in the world own a mobile phone. Not only does owning a mobile phone give them access to banking, but also provides them with a medium to send and receive payments.
Sub Sahara Africa is known as the hub for mobile money services, mobile banking and mobile payments. With 140 mobile money services in the region, Sub Sahara Africa has more than half of the worldwide mobile money services, cites a GSMA report.
According to World Bank, 68% of adults in Kenya use their cellphone for making mobile payments. This is the highest in the Sub Sahara African region.
Read more about the region’s mobile payments here: Kenyans are region’s biggest users of cellphones for money transactions