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No Other Country in the World Uses Mobile Phone for Banking more than Africa

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Published on : Apr 16, 2015

We live in a time wherein a most of us still believes that using for mobile phone for banking transaction of mobile bills is a thing for techies and hipsters. However, a survey released by the World Bank recently reveals surprising findings. 

It was revealed by the research that mobile banking technology has penetrated more than we expect it to have. According to a survey released on Wednesday, an increasing number of global populace is using phone based accounts as the most preferred mean to credit or transfer money. In fact the trend of using hand held devices for banking operations has been the maximum among the people living in the sub-Saharan Africa region. 

The findings were revealed in the latest version of the very popular international survey conducted by the World Bank and Gallup together, named, the Global Findex. The survey is basically conducted to see how the global populace access and save their money. 

Over the years it has been observed in a majority of the remote areas across different countries of the world accessing banking in any form is hugely difficult. Such a situation prevents workers from saving their wages. But as it was noted in one of the articles of CNBC in 2013, the cell phone usage and ownership in South Africa increased from 3% in 2002 to 48% in 2010, and it is expected to grow exponentially over the next few years. 

This growth in the usage of mobile phones for banking transaction is yet again reflected in the findings of new Findex. As per the first version of Findex, published in 2011, almost 24% of adults in Saharan-Africa had some form of banking account to keep their money. Three years later the amount grew to 34%. 

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