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Africa holds promise for MTN’s banking service

Mobile-money customers surpass the number of traditional bank accounts.

Sub-Saharan Africa accounts for about half of the world’s active mobile-money services. MTN Group is seeking to challenge wireless-phone rival Vodacom as the continent’s biggest digital bank by tripling its customer base within three years. The number of mobile-money customers in the region is growing rapidly, having surpassed the number of traditional bank accounts in 2015 to reach 277 million by the end of last year, according to GSMA. 

Read: MTN takes on Vodacom for title of Africa’s biggest digital bank

 

© 2017 Bloomberg

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