"A World Economic Forum report on the mobile financial services ecosystem across 20 countries observed that 'a distinct lack of alternatives, more than supportive institutional or market environments, has been the primary driver of initial adoption.'
And Africa stands testimony to that observation. An estimated 80 percent of adults in Africa still remain unbanked. But the continent accounts for 15 of the top 20 countries in the world by mobile money usage. Compared to just 3 percent in the developing world, at least 16 percent of adults in Sub-Saharan Africa have used a mobile phone for cash transactions in the past 12 months.” READ MORE.
