August 24, 2016
Report: Interoperability a Barrier for African Consumers
Nov. 19, 2012
In Africa, where mobile payments gained an early foothold, 28 percent of consumers still identified a lack of interoperability between competing mobile payment services as a primary barrier to adoption, according to a poll conducted by Visa and its African mobile platform subsidiary Fundamo. The companies, which surveyed consumers in 15 cities in 6 African countries, also shed light on the needs that mobile payments will fill in different African geographies.
In Nigeria, for example, 59 percent of consumers said they want to use mobile money as a savings strategy and 58 percent to pay utility bills. The most popular intended use of mobile money in Nigeria is money transfer. Whatever they intend to use it for, Fundamo CEO Hannes van Rensburg said adoption is quick in Africa.
“Within 18 months of a service launch, consumers understand mobile money is easy to use and secure—they trust it and start to use more sophisticated services,” said van Rensburg. “The next step to drive growth is breaking down the walls between services and countries to foster a rich ecosystem that connect consumers in Africa to each other and the global economy.”