Africa faces seemingly insurmountable challenges. There are civil wars, terrorism, disease, drought, famine, and poverty. Yet, in the midst of all this lack, there is amazing potential for socio-economic recovery.
Mobile Phones are an Important Link
Mobile phones provide Africans with the only opportunity to stay in touch with friends and family, as well as to access important services. Decades ago, mobile communications companies began to invest in infrastructure in Africa, improving quality and expanding market reach. Therefore, no matter where you go in Africa today, you will see people with mobile phones. And, through the mobile phone, comes the greatest potential for reversing the cycle of poverty in Africa.
Mobile Phones Enable Cottage Industries
Innovation Africa is a non-profit working to bring much-needed services to rural populations in Africa. Its founder, Sivan Ya’ari shared a fascinating story about the genesis of her work and the surprising power of mobile phones to create economies. Speaking before a TEDx Talk audience, Ya’ari spoke about her efforts to bring electricity to a certain village. As the process was unfolding, she noticed that just about everyone had a mobile phone. The logical question, then, was how do the people charge their phones? Ya’ari learned that in a village not too far away, there was electricity. One villager had set up a charging hub. Everyone paid 10 cents to charge their phone. The mobile phone had become the foundation for a primitive, yet very successful micro-economy.
Fintech has Radically Altered the Financial World
As the prevalence of mobile device use spread across the world, along with a growing preference for online commerce, software developers had to respond with new technologies. Today, consumers can do just about everything online, including financial transactions. In Africa, where the mobile technology market was already in full swing, mobile-based financial services was a natural tool in the war against poverty.
The results are documented. Between 2008 and 2014, 2% of Kenyan citizens were able to move out of poverty because of access to fintech on their mobile devices. (businesslive.co.za ) And this is just one country. Early this year, a new initiative was begun by Above and Beyond Tech, an American-based global technology company, the Dutch Development Bank, and Arise, an African investment company. This initiative, called FinForward, will take digitized financial services into the next generation, vastly increasing access by Africa’s underserved communities.
Mobile-based Financial Services Enables Cashless Payments and Access to Financing
Mobile-based financial services make live normal. Africans with no access to a bank account also lack the ability to pay for even basic things such as bus transportation. But, with mobile fintech, they can pay for services, as well as apply for loans to start a small business.
M-PESA and M-Akiba are two examples of how mobile financial services is empowering Africans. M-PESA is a mobile-based money transfer technology. Users can access savings accounts and microloans. M-Akiba helps consumers move to the next level. Its fintech platform allows consumers to make investments. This is one of the clearest examples of mobile-based financial services creating sustainable economic recovery. With Mobile-based financial services Africans are fully empowered to change their lives and secure financial freedom.
nice
Very useful article for the people who want to earn money from mobile. We can also know that how Africans can empower their financial services.
I share Africa has a huge potential and a hidden culture unfortunately.. It is always hoped that it can become a more livable country
Sharone Perlstein, thanks! And thanks for sharing your great posts every week!
Mobile-based financial services sound like an excellent way to lift Africans out of poverty. I love how it empowers them. What a great hand up!
Sharone Perlstein,thanks so much for the post.Much thanks again. Really Cool.
Not too engaging for me
It’s good to hear that mobile technology is bringing relief to Africans who have suffered through poverty for so long.
that is very true. surely it is very amazing and inspiring how Africa has managed to utilize the available resources for good. mobiles phones are one of such resources and mobile money is the harvest. i really enjoyed your article
Great insight into microfinance as a whole.
This is heart warming, as much as it is very useful and inovative! Thanks for a great post!
Beautifully inspirational for Africa. This is great.
This great since it’s helping them a lot. I’m hoping I can travel to Africa one day.
Very helpful & great post.As now a days mobile phone is very important parts of life.and all most everyone use mobile and its really great to see that its reduce poverty.
This is one of the best posts I’ve ever read. Thanks Ms. Sharone for posting this one. Such an informative and positive one.
Fascinating video and article about how technology can make a real difference in people’s lives. This work must really be putting ordinary people in touch with all sorts of new possibilities.
Wow! Way to go mobile phones. And I thought they were the devil.
cool man
Crazy
mobiles phones are one of such resources and mobile money is the harvest. i really enjoyed your article
Very useful article for the people who want to earn money from mobile.
The best part about this is that Mobile phones give Africans the only way and opportunity they get to stay in touch with friends and family. It helps them communicate period.
nice video i like the video and hope all prople support u and ur chaneel and loved also
great. This is one of the best posts I’ve ever read. Thanks Ms. Sharone for posting this one. Such an informative and positive one. i love this .
Thanks so much for the post.that is very true.Thanks Ms. Sharone for posting this one….
This is awesome and I know that technology will change Africa
amazing
I like this post and articles. this is a great idea. thanks for posting this articles.
I like this articles. a mobile phone is very important in our life. thanks for posting this articles.
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This was a great informative article about microfinancing I would love to look forward to see more information in the future keep up the great work.
Good Article. Useful and Nice Creation.
I love your article and it’s TRUE a mobile phone is a priority for everyone and can be a lifesaver in poverty stricken Africa.
Mobile phone is important for everyone, including business. They use mobile devices for everything, including finance and the use of technology. It will be the norm to use mobile device now.
wow.. awesome article..
Really nice article. Good post. Thanks for sharing with us.
Mobile Phone has really changed the world positively. Totally agreed.
Its amazing how modern technology makes a big difference to our lives…