Consumers 'want ease-of-use' from mobile banking

Aug 03, 2010

More needs to be done to improve access to mobile banking services for people in emerging markets across Africa, one financial services executive has stated.

Rosemarie Pringle-Smith of Fundamo made the observation at a recent conference on mobile communications, ITWeb reports. Speaking at ITWeb's Mobile Biz 2010 event at Vodaworld in Midrand, South Africa, the Senior Vice-President for global partnerships and Brazil at the firm used the example of Nigeria, noting it is currently home to 25 million people who own a mobile phone but do not have access to banking services.

However, bank accounts are not necessarily the solution for such individuals, the expert claimed. "Consumers in emerging markets do not care about bank accounts. They care about solving problems such as transferring money and paying for things. They care about ease-of-use, speed, safety, reliability, price and accessibility," she told attendees at the event.

The use of mobile banking systems has been growing steadily across Africa in recent years, with 40 per cent of Kenyan adults currently using Safaricom's M-Pesa service and Senegal recently seeing the launch of the Yoban-tel initiative from Obopay, Technology Review reported.