Believe it or not, Africa is that continent where “mobile money” or “SMS Banking” ie monetary transactions on mobile phones—is by far the most advanced. This information is made available by the Gates Foundation, the World Bank and Gallup, a survey that was conducted shows that in 20 countries, more than 10% of adults had used mobile money at some point in the previous 12 months; 15 of those countries were in Africa.
Take Kenya for instance, this is a country where a staggering 68% of adults use mobile money, this represents by far the highest rate in the world, Another country that is of interest is Somalia, which lacks a functioning government but has more than 30% of adults using mobile money (often to receive remittances from family members abroad).
The Infographic below shows the mobile banking usage for different countries in Africa
