The Fight for Mobile Money 2.0

Understanding the complex continental war to be the digital bank for the African consumer

Image credit: Alexander Andrews via Unsplash
MTN Group HQ — 14th Avenue, Fairlands, Roodepoort, Gauteng Province, South Africa (Image credit: Wiza Jalakasi)

There is nowhere else in the developing world that moves more money purely on mobile phones than Sub-Saharan Africa

Victoria Island, Lagos, Lagos State, Nigeria (Image credit: Wiza Jalakasi)
View from the top floor of iHub, Kilimani, Nairobi, Kenya (Image credit: Wiza Jalakasi)

This is the state of mobile financial services in Africa

GSMA Mobile Money Metrics 2011–2018 (Image credit: GSMA)

But how did we get here?

What is mobile money 1.0?

A few types of mobile financial service providers (Image credit: Wiza Jalakasi)

Why is this important?

MTN Smart T — KaiOS device sold for NGN 8,000 (Image credit: Wiza Jalakasi)

“But there’s a flip side to that coin”

Why would I use another app to send money and receive money in Kenya when M-PESA works and I’d have to use M-PESA to cash into your app’s wallet anyway?

Naturally, the incumbent banking industry refuses to be left behind

CBA Loop offering — NFC enabled international debit Mastercard and iOS app (Image credit: Wiza Jalakasi)
Flutterwave Barter app offering (Image credit: Wiza Jalakasi)
NALA Money app offering (Image credit: Wiza Jalakasi)
OPay (Left) and SafeBoda (Right) app offerings (Image credit: Wiza Jalakasi)

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