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The upsurge of mobile banking in West Africa

40% of Africans prefer using digital platforms for transactions, according to Forbes. (Image source: Adobe Stock)

West Africa is one region that is taking advantage of the mobile banking space, especially during these uncertain times

According to Forbes, it is reported that 40% of Africans prefer using digital platforms for transactions. The Africa Report predicts that the rise in mobile and digital banking on the continent is expected to increase to a total revenue of US$129bn in the year of 2022, which will surpass the banking sector’s previous predictions on a continental scale.

Sub-Saharan Africa has been witnessing a steady revolution in the banking sector, from the evolution of the Automated Teller Machine usage to internet banking and more recently to the mobile banking through apps and USSD codes that may or may not require the use of internet often fraught with challenges in the region.

In the latest issue of African Review, Paul Olele tracks the rise of mobile banking in the region and explores the companies driving this growth: