At least 68% of the Kenyan population carry out financial services on their mobiles, followed by 13% in South Africa and 12% in Ghana.
These are some of the findings from the 2015 Mobile Commerce in Emerging Markets report released by Ericsson.
A common trend across the markets is a lack of knowledge about financial services. There is a perception that the banking system is only for the rich, generating further misconceptions. Mobile money services have already made a significant contribution to delivering financial inclusion, though there is still much to be done, with only around 20% of families in sub-Saharan Africa having access to bank accounts.
Key findings of the 2015 Mobile Commerce in Emerging Markets Report are as follows:
* Urbanisation is accelerating with the growing numbers of people in emerging markets moving from rural areas to cities.
* Informal economy leads to unstable income because workers in emerging markets are paid per hour or on commission.
* Paying in cash is common, but risky, purchasing goods and settling bills using cash is common in these markets, offering speed, transparency and the ability to bargain. Cash is a fast option when the customer and merchant are in the same physical place, but when they are apart; the process is slow and inconvenient.
* Main motivators to use m-commerce for consumers in emerging markets are drawn on the potential speed and convenience of mobile financial services, as well as the reduced risk of being robbed. It is very important for people to have a service that is reliable, secure and fast.
* The main adoption barrier is having misconceptions about the service. Users worry about potential scams or threats to the security of their information. Many also believe that you need to be rich or have a minimum amount of money to use the service.
While many can see the potential benefits of mobile in terms of convenience, there are still those who are put off by the idea that the services are not completely secure or are aimed at those with higher incomes.
