"Operators should not try to replicate M-Pesa's success in other countries, but rather look beyond person-to-person transfers and develop a more diverse suite of financial enablement services."
Sub-Saharan Africa (SSA) is the most successful region for operator-led mobile financial services (MFS) in the world. The success of Safaricom’s M-Pesa in Kenya, which represents more than a quarter of Safaricom’s service revenue, paved the way for other mobile money initiatives worldwide. Nevertheless, operators' mobile money services have struggled in key markets such as Nigeria and South Africa. In this report, we examine the challenges and opportunities facing operators aiming to innovate and differentiate in MFS in this region.
This report provides:
- a discussion of some of the most interesting and successful mobile financial services (MFS) initiatives by telecoms operators, technology companies, financial institutions, device vendors, and over-the-top (OTT) players in SSA
- analysis of the success factors behind those initiatives, and what telecoms operators can learn from them.