Angola: According to the Finance Minister, only Mobile Money will achieve the desired level of financial inclusion

December 12th 2019

Africa, Angola, Mobile Money

At the 9th edition of the “Forum on the Challenges of Governance in the Digital Age in Africa”, held last week in Luanda, Angolan Minister of Finance, Vera Daves, lamented Angola’s low financial inclusion rate, compared to the average of other Southern African Development Community (SADC) countries.

Believing that traditional banking technology solutions do not promote financial inclusion at the desired levels, the minister called for a review of the current regulatory framework for the development of mobile solutions.

Currently, only 30% of the Angolan adult population who deposit money in the bank, revealed Vera Daves, who asked the National Council of Financial Statistics (CNEF), public body responsible for the inclusion program financial, to work for the provision to populations “other solutions that are close to neighborhoods or municipalities” .

In Africa, where the rate of banking is low in most countries, Mobile Money has revolutionized the financial sector.

In its 2018 report on the state of Mobile Money, the World Association of Telephony Operators (GSMA) revealed that Africa was the world leader in this segment, with a total of 132 mobile payment solutions out of a total of The continent also had the highest number of subscribers to the service: 395.7 million out of 866.2 million.

Even the volume of financial transactions was dominated by Africa with 1.7 billion out of 2.4 billion. Of course, the largest financial value of global transactions was also held by the continent: $ 20.8 billion out of $ 40.8 billion.

Source: Agence Ecofin Back