The revolution of mobile money in Africa.
Mobile Money is a money transfer service that is done from one person to another via phone.
As Mobile Money is typically a money transfer service – sending money from one person to another and this service has been enhanced in such that, it has helped in the way we pay for bills.
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Basically, taking a look at the concept of money in Africa, you don’t need an account as your SIM card becomes your account of which your money deposited is deposited inside your account virtually that’s the SIM card and that is why you are able to send money virtually from your account to another person.
Fundamentals of Mobile Money
Mobile Money basically, has three (3) main fundamentals in such that people love how it operates and the fundamentals behind it.
- Fast & Convenient
Averagely in Africa, people don’t have time to queue to transact at the bank these days. People have no time to go to the bank in such that the bank is far from the people most times.
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- No Cost to open
Another issue is the situation when you are asked to deposit a minimum amount before a bank account can be opened for you. With this, that money will be kept by the bank and its their own forever. Unlike banks, money money does not require any minimum deposit to open an account (mobile money) at the merchant.
- No cost for maintenance
Assuming you have a bank account with $10 inside in your Mobile Money account, this money can be kept for 6 months to a year and you still have the same value unlike bank that when you deposit $10 inside you account, charges are incurred each and every month which reduction on your money being deposited into your bank account.
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This has really show us that Mobile Money has picked up and enhanced in developing countries.
“Mobile money is typically a money transfer service. It is, in the ordinary language, sending of money from one person to another. And, going forward, this has been enhanced like we shall be able to see. But basically it is a money transfer service from one person to another. Here we are trying to look at how do we reach the rural un-banked population. So mobile money concept basically lies along those circles.”
“Your Sim card becomes your account, M-Sente account, Mobile Money account and more. So if you deposit money you have actually deposited on your virtual account – that is the Sim card. So, at that point you are able to make various transactions. For example, you can be able to send money to another person.”
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“Most people use Mobile Money because it is very easy. There is no need of carrying money, taking to the bank, carrying money, paying somebody. So long as you have MTN Mobile Money, Vodafone Cash, AirtelTigo Cash, that’s all – you just send the money to that person and everything goes well and forward.”
In developing countries, it’s beautiful to see how Mobile money is transforming the way people do business.
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