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M-PESA (M for mobile, PESA is Swahili for money) is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. [1] It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, South Africa and Ethiopia.
By 2015, it said it had powered 150,000 households in Kenya, Uganda, and Tanzania, with around 10,000 mobile payments made by users on its cloud platform, M-Kopanet, made on a daily basis. [1] It had over $40 million of revenue by 2015. [11] [12] In 2015, M-Kopa estimated that 80 percent of its customers lived on less than $2 a day. [13]
Mobile Money is a mobile payments system based on accounts held by a mobile operator and accessible from subscribers' mobile phones. The conversion of cash into electronic value (and vice versa) happens at retail stores (or agents). All transactions are authorised and recorded in real-time using SMS. MTN Mobile Money agent's stand in Ghana
A simple mobile web payment system can also include a credit card payment flow allowing a consumer to enter their card details to make purchases. This process is familiar but any entry of details on a mobile phone is known to reduce the success rate (conversion) of payments.
Fintech partnerships like Airtel Africa teaming up with Mastercard look to be the next frontier of growth for mobile money in Africa. Mobile money is helping Airtel Africa and its rivals bounce ...
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Orange Money is also a core component of "mobile money" interoperability in Africa. Telma, Orange and Airtel announced on 9 September 2016 that their respective mobile payment services are now all mutually compatible. That same month, the Orange Money offer reached 20 million customers in the Africa and Middle-East zone (up 30% in a year). [12]
The proliferation of fintech services across Africa remains in full swing as investors remain bullish about the opportunities that abound in the sector. ... African payments company Flutterwave ...