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Home / Blog / Africa and Mobile Banking: a model to follow
7 June 2016
Blog , marketing , mobile , mobile market , smartphone

Africa and Mobile Banking: a model to follow

During the past two years the growth of mobile banking has been remarkable.

A research by Juniper in October 2015 showed that about one billion users would have used a mobile device to perform transactions by the end of the year and that this number would double by 2020.

Some emerging markets are driving growth.

Africa is in the first place.

Mobile Banking is an easy tool that can be used anywhere, it is “self-service”, and above all has a low cost, significant advantage for the world’s developing nations. Another study by
Juniper shows that over 60% of the operating costs of banks are related to the
“physical” services in branches.

It should also be emphasized that African banks have raised the issue of security at the center of their mobile strategy.

According to Kaspersky Lab, the number of scams and problems on the mobile users has tripled from 2014 to 2015. RSA Online Fraud Resource Center specifies that every minute a phishing attempt is put in place and a quarter of these are on mobile.

Executive criminal acts like this have become very easy: the malware are created and sold
and distributed in the Dark Web, where they spread from area to area.

African banks have figured out how much safety is critical to attract and keep the customers.

Even African legislators immediately proved sensitive to this topic, especially on responsibility and reimbursement in the event of fraud.

The world ignores almost completely the potential of these markets: Equity Bank, for example, in September 2015 registered a growth in the number of transactions for the mobile user from two to 21.

Developed nations do not even know Equity Bank, and it is the most valuable mobile-driven bank in one of the highest growth potential markets.

Let us think a bit.

Tag: marketing @en, mobile @en, Mobile finance @en, mobilebanking @en, smartphone @en

Category: Blog, marketing, mobile, mobile market, smartphone

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