We are thrilled that our Monetising Mobile & Digital Engagement Event with Vodafone on Wednesday 4th October was a great success, with over 80 leading industry professionals from Mobile, Payments and Telecoms coming together to discuss the latest news and insights.
Are you looking for new markets in Africa?
There’s enormous growth potential for African e-commerce – by 2025, online purchases could account for 10% of retail sales in the continent’s largest economies, according to research from McKinsey.
This is no surprise when you consider how much people use the internet worldwide. The Mobile Money 2017 report by GSMA found that the number of people accessing the internet on mobile devices has doubled over the past 5 years to 3.6 billion, and will rise to 4.7 billion by 2020. That’s equivalent to 60% of the global population.
When you add these trends to the lack of effective bricks-and-mortar stores in Africa, mobile-friendly e-commerce becomes a key opportunity for retailers looking to expand and reach new customers.
And that’s where e-wallets come in – a way for you to reach 1 billion people in Africa who have mobile phones but don’t have bank accounts or credit cards.
The growth of mobile payment systems in Africa is skyrocketing at an astounding rate
In 2002, only 3% of people on the entire continent had mobile phones; by 2010, that had increased to 48%. The GSMA’s latest Mobile Economy report highlights that at the end of 2016, 65% of the world’s population had a mobile subscription, with this total set to reach 5 billion by mid-2017. By 2020, it is anticipated that almost 860 million new subscribers will be added, taking the global penetration rate to 73%.