WITH BANKING PENETRATION still sitting at less than 50 % across Africa , financial inclusion remains a key challenge facing the continent .
In certain geographies , conducting business remains a massive challenge due to the lack of banking services available , so an opportunity remains for companies to find new ways to exploit that , and to provide Africa with services which help to expand levels of banking penetration and financial inclusion .
Back in 2016 , the World Bank reported that 2bn people across the globe had no access to formal financial services and an awareness of this has resulted in mobile money fast becoming a safer alternative to cash , particularly in some regions of Africa .
With precisely that in mind , global money transfer company Xpress Money has joined forces with telecoms giant Huawei to “ drive mobile money services to more of the world ’ s unbanked ”, especially in Africa .
The partnership will give the globally-respected remittance firm access to Huawei ’ s mobile money service platform , which has over 100mn accounts .
“ For those that have limited access
Banking penetration rates are still be
to formal banking services , mobile money is a critical technology ,” says Sudhesh Giriyan , Chief Operating Officer of Xpress Money .
“ There are over 500mn mobile money accounts currently in use , and with Huawei servicing over 100mn of these , we ’ re confident this collaboration will improve the state of financial services for Africa ’ s unbanked .”
Huawei ’ s mobile money services
10 February 2018