What Does the Future Hold for Mobile Money?

What Does the Future Hold for Mobile Money?

The concept of mobile money solution was introduced in Kenya in 2007 by two mobile network operators, namely Safaricom and Vodafone.

In an East African country, an idea that gives birth to the developing world by storm. The concept of mobile money solution was introduced in Kenya in 2007 by two mobile network operators, namely Safaricom and Vodafone.

Although it is believed that a similar idea emerged in the Philippines in 2005, and Kenya's M-Pesa services took it to a new level. Today, mobile money has expanded its reach in developing markets in Africa, Asia, and Europe by more than 61 percent.

Future predictions for mobile money 

The 2015 Bill and Melinda Gates report describes how digital money transfer solutions are changing the financial industry game and bringing economic freedom to billions of people who do not have access to traditional banking. 

The report predicts that by 2030, more than 2 billion people, who make up 40 percent of the world's adult population, will save and transact money through their phones. In recent times, mobile-payment service providers have been expanding their services to cover formal banking's core services.

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