The $64 billion P2P global market has many worthy players, but many of those who are making a dent in the financial inclusion arena are in Africa and Asia. Data reveal that in most Sub-Saharan African countries, most associate banking only with their phones.
Clearly, when a phone screen becomes a teller window, banking is reimagined. In those cases, who doesn’t want (or need) a wallet in their phone?
But who will deliver?
This issue of the PYMNTS Financial Inclusion TrackerTM, powered by Mozido, suggests that demand for services outstrips the supply of those who are capable of delivering services to meet that demand.
The average Global Index Score is a 35 (out of a possible 100).
Index scoring is measured across three dimensions:
• “Supply”: Services and features provided as part of the mobile money solution
• “Demand”: Customer adoption and penetration as a percent of total country population
• “Geographies”: The number of countries served by the provider
What makes the best win?
· P2P is offered by 87 percent of providers, demonstrating the importance of this key feature in mobile money offerings.
· Four of the top 10 companies surveyed exclusively offer their services in Africa.
· Asia accounts for 32 percent of global mobile money accounts.
· Kenya is the leader with the highest penetration, reaching almost 60 percent of people above 15 years old.