Banks are now forming partnerships with phone companies to provide financial services to Africans who have may never used them before. It started with mobile banking and has since then exploded with new products. Banks are trying to provide approval for accounts and lending options through mobile devices. Mobile phone providers are battling fiercely to partner with banks and gain market share. Look at the distribution of how Africans use their cell phones.
Only one third of adults have access to bank accounts in Sub-Sahara Africa. If financing can be provided to entrepreneurs in a greater radius it will provide for the first time in many African's lives great economic opportunity. It could also offer women a way to become economically independent from their husbands and finance start-up companies. The communication industry is growing fast and will need to employ workers the larger each provider gets.
Written By: Omar Mohammed
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