“The growth of mobile-payment systems in continental Africa is skyrocketing at an astounding rate.
In 2002, only 3 percent of people in the entire continent had mobile phones; by 2010, that had increased to 48 percent. Last year, 70 percent of the continent’s population had a mobile phone and the number is still climbing.
These are not smartphones; these phones have no bells, whistles, or apps. What they do offer their owners is access to goods and services without the need for cash, credit cards, or even a checking or savings account. Indeed, while numerous individuals in many African countries do have mobile phones, they do not have bank accounts.”
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