Mobile payments as a Local Payment Method (LPM) appeared in the sub-Saharan region in the early 2000s with Safaricom, a Kenyan mobile network operator, offering one of the first mobile payment solutions. “More than half of the African population remains without a traditional bank account even today, so solutions like mobile payments are most convenient for the region,” explains Breuss. This move by local banking institutions indicates that the mobile payments market will continue growing in the upcoming years. While mobile payment penetration varies from one sub-Saharan African country to another, at the end of 2020, 495 million people were using mobile services, which represents 46% of the region’s population. Nikulipe is a Fintech company that facilitates Emerging and Fast-Growing market access for Fintechs, Payment Service Providers, and their merchants by streamlining cross-border payment solutions.

Source: Ethiopian News January 05, 2022 19:42 UTC