Mobile Payment in Africa

 

 

Mobile Payment system and Bicycles had improved the life style of millions  in Africa. Specially the Mobile Payment  is now very popular there as people don’t need to carry cash always with them. Mean while bicycles had supported them to carry their agricultural products and Dairy products to markets and supply stores. Millions of Africans are using their mobile phone to send and receive money through their carriers assistance. There is no need to go to your bank to do this any more.

Further more, you don’t have to travel with your money in crowded buses. The mobile payment gate ways is becoming more popular in the region. Nearly all the carriers are providing this service to their registered clients using their cell phones. Thousands of Bicycles are being sold under installment plan. Payment can be paid monthly through the person’s mobile phone. So this kinds of facilities make Africa region to be the leader in the Mobile Payment method.

Mobile Payment.

Some of the carriers offer mobile banking facility to their clients. For their savings a small interest is paid by the Carrier. So my phone has became as my wallet for Nealy half of the Africans.
Vodacom Group offers a bank account in the M-Pawa.  This also offers 5% interest for the money their clients have in their bank account. M-Pesa program got 32.5 million subscribers in South Africa alone. Additionally in other African countries they have nearly 27 million account holders.

This Mobile banking system is good for those people who are ignored by the banks. Because of their low financial position and income status. To open such a mobile phone bank account in M-Pawa all you need to have M-Pesa account a cellphone and your identity card.

Mobile Phone Banking in Africa.

On the other hand Vodacom had joined with the Commercial Bank of Africa Ltd to provide mobile banking for the poor people. They used to get a share of any interest paid on loans to its customers. Further more, any M-Pawa customer can go to the agent and pay the money to him. In return he will provide a code which the customer will punch it using the dial pad.  The wireless carrier texts the agent to confirm the transaction.

In addition, Bharti Airtel offers Airtel Money and it allows clients to transfer money and pay electric and cable TV bills through it.
Moreover, Tigo offers Tigo Pesa program and it is accessed by nearly 3.5 million users.

For the M-Pesa and M-Pawa account holders there are nearly 70,000 agents are ready to serve them.

BBC News.
Other payment.