Use of mobile financial services in sub-Saharan Africa is growing — Ericsson report

A major new report from Ericsson Consumer and Market Insight titled ‘Mobile Financial Services on the Rise’ reveals that nearly half of all consumers in sub-Saharan Africa use mobile financial services in 2021 – an increase of more than three times over over the past six years.

The Mobile Financial Services on the Rise report also highlights the impact of the Covid 19 pandemic on the adoption of mobile financial services, with 54% of consumers saying they use mobile financial services transactions more now.

Around 70% are more favorable to mobile financial services as the preferred contactless alternative to cash. Research for the report was conducted by Ericsson Consumer & IndustryLab in early 2021.

He surveyed 3,200 consumers in six sub-Saharan African countries – Senegal, Angola, Nigeria, Côte d’Ivoire, Ghana and Ethiopia – to assess the growth of mobile financial services in light of technological and infrastructure gains in the region. , as well as the impact of the Covid-19 pandemic on financial behavior.

The report highlights that users cite faster transactions as the number one factor that would make them use mobile money services more often in the near future.

Around 70% thought faster transactions would encourage them to use more mobile money services, while 51% pointed to increased security.

Most non-users are now familiar with mobile financial services, and up to 8 in 10 say they are very interested in starting to use them.

Mr. Lucky La Riccia, Vice President and Head of Digital Services, Ericsson Middle East & Africa, said: “This new research highlights the important role that mobile financial services play in sub-Saharan Africa, both in combating impact of the pandemic and to fuel economic development across Africa through the transformative potential of expanded and affordable access to financial solutions.

He added: “Our goal is to support the digitization of Africa through technologies such as mobile broadband. Ericsson’s mobile financial solutions support this goal as we accelerate financial inclusion.

Communication service providers (CSPs) are the most popular mobile financial service provider, with up to 90 percent of sub-Saharan African mobile financial service users now using the technology through these companies.

Mobile financial services currently enable basic financial services such as withdrawing, transferring, storing money, as well as advanced services such as microfinance and insurance.

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