Senegal enjoys a great variety of players in the digital financial services (DFS) ecosystem. Benefiting from hosting the regional regulator BCEAO (Banque Centrale des Etats de l’Afrique de l’Ouest), and the West African headquarters of multiple stakeholders, Senegal has served as an entry point for many DFS providers in the region.
Uganda’s digital financial services (DFS) market is led by mobile network operators (MNOs), with the main operators—MTN and Airtel—managing the vast majority of users and transactions.
Digital financial services (DFS) came early to Zambia, with the payment service provider Celpay launching in 2002 and Zoona in 2009. Only much later were DFS launched by mobile network operators (MNOs) Airtel in 2011 and MTN in late 2012.
In May 2014, the Central Bank of Liberia passed the new interoperable, inclusive Mobile Money Regulations. This was a year-long collaborative effort by the Central Bank of Liberia, GSMA, Mobile Money for the Poor (MM4P), banks, mobile network operators and non-governmental organizations to expand the digital financial services footprint in the country, ensuring financial access to all Liberians.
Nepal is a landlocked country with picturesque, mountainous terrain. The geographical diversity makes it a challenging place for digital financial services (DFS) deployments, mainly because of low population density, poor connectivity and infrastructure-related challenges.
Imagine a savings account that requires you to walk 20 kilometres to make your first transaction. Sound intriguing? Are you ready to sign up?
Developing an efficient and effective agent network is costly and time consuming. It requires strategic planning in a number of areas, including scoping and selecting the right agents, training them, and developing a fluid distribution channel to manage liquidity balancing, monitor agents and resolve customer issues with ease and at the lowest cost possible.
Data gathered by the World Bank in 2011 shows that only 27 percent of the population in the Lao People’s Democratic Republic (Lao PDR) above the age of 15 has an account with a formal financial institution. There is only one commercial bank branch per 40,000 people in the country.
According to the 2014 FinScope study, 33 percent of Malawian adults have access to banking services, which is an improvement from 19 percent in 2008. However, 50 percent of adults own a cell phone. This comparison makes a strong case for using mobile financial services to overcome the low level of financial inclusion.
Agent banking has been considered around the world as an additional channel for delivering financial services. However, deployments are challenged with keeping agents motivated, reducing attrition and making the model sustainable.