The global health crisis has been an unexpected catalyst, with some African governments releasing COVID-19 stimulus grants via mobile money platforms and central banks easing regulations, including limits on mobile transactions. Orange added over five million new customers for its mobile money services in April and May alone. “We are ... using the opportunity that the crisis is offering us to really accelerate,” said Serigne Dioum, who heads MTN’s mobile financial services division. Some regulators remain wary of mobile money, and many informal businesses still don’t accept digital payments. They are agreeing partnerships with fintech firms, building their own networks of agents to distribute banking services and launching rival offerings.

Source: Standard Digital October 01, 2020 06:56 UTC