Mobile money revolutionises banking in rural Africa, experts say

The mobile money market has been evolving quickly and the African region is witnessing the emergence of mobile banking services including savings, credit and insurance, according to a new report.

Led by market research company Big Market Research, the report states that mobile money services has a "huge potential ", owing to relatively low penetration of banking services (29 per cent of the population).

Meanwhile, Microsoft founder and philanthropist Bill Gates wrote in a note that digital banking will give the poor more control over their assets and help them transform their lives and by 2030, two billion people who don't have a bank account today will be storing money and making payment with their phones.

Although the continent is suffering from poor infrastructure, most people now have a cellphone.

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