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Tag: Interswitch

New platforms drive mobile money adoption as SSA hits 50m accounts

New platforms drive mobile money adoption as SSA hits 50m accounts

Technology & Innovation
Payments service platforms, including Interswitch, Flutterwave, and MTN Nigeria, were identified among players that drove the adoption of mobile money in sub-Saharan Africa (SSA) in 2019. Their activities, including those of OPay and Palmpay, according to GSMA’s 2019 State of the Industry Report on Mobile Money, buoyed strong growth in West Africa, which resulted in 21 million new accounts. The report noted that in 2018, it identified Nigeria as one of Africa’s sleeping mobile money giants, which is home to the continent’s largest adult (114 million) and unbanked populations (60 per cent).  GSMA, which observed that Nigeria showed potential for the roll-out and adoption of mobile money services, said in 2019 there was notable traction in the country’s payment space, primaril...