In African markets less than 30% of the population have bank account and even less have a credit card, cash purchases are the norm.
Financial services in Africa are experiencing a moment of exciting change. Mobile money services like MPesa in Kenya and MTN Money have been flourishing in African markets.
More people have mobile money accounts than bank accounts in at least nine African countries, up from four in 2012. And the continent as a whole leads the world in the adoption of financial services on the mobile platform.