MMU releases infographic on Kenyan mobile money journey

Flag of Kenya

Flag of Kenya (Photo credit: Wikipedia)

As Nairobi jostles with the likes of Accra, Lagos and Johannesburg to become the continent’s technical innovation hub, mobile money continues to drive the Kenyan economy and is at the forefront of reaching the unbanked. Mobile money started as a simple money transfer system driven by a lack of entrenched financial systems and operates through a vast system of mobile money agents, enabling people to “cash in” and “cash out” using their mobile device. Safaricom’s hugely successful M-PESA is synonymous with the term mobile money, and has since launched in other countries in Africa as well as India, and now allows users to pay for goods and services using their mobile device.

The Mobile Money for the Unbanked (MMU) is a department within the GSMA and works with mobile operators and the financial industry to accelerate the access to financial services across the developing world. The following link is an infographic highlighting the Kenyan journey from 2006 to today, and outlines the exponential rise of mobile money.

http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2013/07/MMU-Infographic-The-Kenyan-journey-to-digital-financial-inclusion.pdf

Highlights of the report are are:

23m Mobile Money users in Kenya. 74% of the adult population

31% of Kenyan GDP transacted through mobile money services

96,319 mobile money agents in Kenya

Advertisements

Lagos vies with Nairobi to become region’s tech hub

Lagos Island and part of Lagos Harbour, taken ...

Lagos Island and part of Lagos Harbour, taken from close to Victoria Island, looking north-west (NB this is not Ikoyi Bay as wrongly labelled elsewhere) (Photo credit: Wikipedia)

The bustling, metropolitan city of Lagos in Nigeria has an ever growing population of some 8m people and is the country’s economic powerhouse making a significant contribution to its overall GDP. The port city is a city of islands connected by ferries and highways and is the capital of Lagos State. The standard of living is relatively high compared to many cities in Africa and, despite problems such as pollution and gridlocked city traffic, people flock to Lagos from far and wide in Africa with an estimated 30,000 people arriving everyday.

Lagos aspires to be, alongside Accra, Cape Town and Nairobi one of the continent’s tech powerhouses. Indeed, May’s three day Mobile Web West Africa event sold out its Lagos conference, bringing together companies, startups, inspiring investors and developers. The three-day event was the background to the emerging economic and inspired power of the region, and is a statement of intent to be at the centre of mobile innovation.

There are countless examples of centres of innovation cropping up in Lagos. Co Creation Hub is a collaborative work space for young entrepreneurs and is dedicated to accelerating the application of technology for economic prosperity. Individuals converge in one space to share ideas. They even have the chance to meet VCs and angels looking for promising investments. However, such meetup hubs compete with others around the continent. Nairobi has the iHub, a similar space, supported by companies like Google, Intel and Samsung. Nairobi has also recently begun construction of the much discussed Konza City, or ‘Silicon Savannah’ as it is often called. This is a project to build Africa’s most modern city with technology and innovation at the centre and will potentially be a blueprint for further African cities.

In Nigeria, mobile is also being used to reach the poorest and help economic and social prosperity. A mobile SMS educational tool has recently launched aimed at providing primary school teachers with regular updates on educational content to assist with classroom teaching. Launched by UNESCO, the technology will be available to anyone in Nigeria and will send teachers messages with educational information and advice once a day. The project should reach thousands of teachers across the country, who were previously out of reach and simply lacked the resources to teach effectively. Mobile SMS is a step in the right direction.

In Nigeria, and many of the major cities in Africa, there is a sense that anything is possible and the continent is ripe for investment and full of opportunity. A lack of traditional infrastructure is helping drive entrepreneurship, in mobile especially, and suggest that Africa will be the continent of the 21st century.