Mobile banking revenues to increase fivefold by 2017

May 22, 2013

Mobile banking revenues in Middle Africa could grow from $657 million (€ 511.2 million) in 2012 to $3.53 billion in 2017, according to a new study.

Mobile banking revenues in Middle Africa could grow from $657 million (€ 511.2 million) in 2012 to $3.53 billion in 2017, according to a new study.

Conducted by the research department of the Pan-African bank Ecobank, it also predicts that the number of users of these services will increase from 65.67 to 235.06 million over the same period.

According to the study - whose results were published by Jeune Afrique newspaper - several factors will contribute to this increase, including a greater number of mobile subscribers, an increased deployment of mobile money platforms and a stronger smartphone penetration in Middle Africa (countries located between the Sahara and South Africa).

The potential for the development of financial services via mobile banking is important, as mobile penetration in the region stands at 53 percent, while access to financial services remains at 24 percent, adds Ecobank.

In 2011, telecommunications company Bharti Airtel and Ecobank have signed a Memorandum of Understanding in 2011 to promote mobile banking services across Africa in the 14 African countries in which they jointly operate.ADNFCR-2976-ID-801588908-ADNFCR