COVID-19 Drives African States Into Cashless Societies

Source: IT Web

The COVID-19 pandemic has spurred growth of Africa’s mobile money platforms, with some countries on the continent heading to become cashless societies. So say industry players and market watchers, as new fintech solutions disrupt the traditional banking models across the continent.

According to a recent GSMA report, during 2019, mobile money services reached a milestone, surpassing one billion accounts globally. According to the report, Sub-Saharan Africa is the enduring epicenter of mobile money, adding over 50 million registered accounts in 2019.

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