31 Aug Mobile Payment Methods in Africa are Transforming Digital Economies Facilitating Growth in eCommerce and mCommerce

The African Development Bank (AfDB) is interested in financial inclusion for African consumers and there is talk of focusing on fintech to connect and improve the lives of Africans.  ICT is seen as a catalyst to economic transformation and mobile money. the likes of Safaricom’s M-Pesa is proof of what mobile payment methods can do to developing economies.

The ability to pay using mobile money and using mobile  channels links African consumers from the informal economy to the formal economy and gives them access to trading with developed economies for entertainment and/or the latest products, services and technologies.  M-Pesa for example which is now available as a payment to global eCommerce merchants through African Payment Solutions is bringing these two worlds together.

Digital and mobile payments are an effective and economical way of transacting and fills the gap between risk averse and cost heavy financial institutions and African consumers who are looking for an inclusive and economical way to transact and access developed market goods and services.

Mass mobile phone penetration in Africa (now with more than 650m mobile phones) combined with mobile payment capability is arming Africans with a leapfrog opportunity to fast track growth of their economic activity and their developing economies.

The liberal and openness to develop this mobile money market facilitated the rapid adoption of payment methods like M-Pesa in Kenya and hundreds of other mobile payment methods across Africa.

Mobile operators are realising that interoperability is key to their reciprocal and mutual growth in the African digital economy which is hungry for transformation and consumption of intra-African as well as international eCommerce and mCommerce goods and services.

Pan-African mobile payment methods including M-Pesa online are now available to multinational eCommerce and mCommerce merchants for selling goods and services to African consumers.

Our thanks to http://allafrica.com/stories/201508050371.html for their content inspiration