What are the biggest mobile money platforms in Africa? (2024)

What are the biggest mobile money platforms in Africa?

Approximately 144 mobile money providers operate in Sub-Saharan Africa, with two companies such as, M-Pesa, MoMo and Orange Money accounting for a significant share of the market. M-Pesa, managed by Vodafone and Safaricom and operating in seven countries, has seen significant growth in recent years.

Which is the largest mobile money operator in Africa?

What is M-PESA? M-PESA is Africa's most successful mobile money service and the region's largest fintech platform.

Which mobile money provider is available in Africa?

Unlike Swift, cross-border mobile money payment/transfer services interoperability is fragmented. GSMA recorded 154 mobile money providers in Africa in 2022. M-Pesa, Orange Money, MTN Mobile Money, and Airtel Money are some of Africa's top mobile money services.

What is the most used payment app in Africa?

M-PESA is the best way to make payments across Africa, both for the banked or unbanked. It offers unmatched convenience and safety. It also offers financial services to millions who have mobile phones but don't have access to bank accounts or limited banking services.

What is the mobile payment system in Africa?

Mobile money is arguably the most dominant form of digital payment in Africa. Driven by the continent's high mobile phone penetration, services like M-Pesa in Kenya and MTN Mobile Money in various West African countries have become household names.

Which is the best mobile service in Africa?

Telkom remains the sole winner for Availability

Our Telkom users connect to 3G or better services 97.9% of the time — the best result in South Africa.

Who has the largest remittance in Africa?

Highest values of personal remittances received in Africa 2022, by country. In 2022, the value of personal remittances received in Africa was highest in Egypt and Nigeria. For these countries, the amount reached 32.3 billion and 20.9 billion U.S. dollars, respectively.

What is the best app to send and receive money in Africa?

ChipperCash. Chipper Cash is a revolutionary cross-border payment app to easily send money to Africa and the diaspora. The platform allows you to send and receive money from Nigeria, Kenya, South Africa, USA, Ghana, Uganda, Rwanda, and the UK.

What is the best app to send money from USA to Africa?

Remitly is secure and fast, with great exchange rates in 75+ currencies–no fees for recipients and low fees for sending. And with a guaranteed delivery time and real-time transfer updates, you'll know the exact date and time your money will arrive with your recipient.

Does Africa use Zelle?

Does Zelle work internationally? Zelle works only with U.S. bank accounts. It doesn't work for sending money to or from a bank outside the country.

What is the best payment gateway in Africa?

What is the name of Africa's first mobile money platform?

M-PESA was developed by Vodafone and first deployed by its Kenyan affiliate Safaricom. In May 2012, there were over 15 million customers of M-PESA in Kenya.

Which is the No 1 payment app in the world?

What is the new African payment platform?

PAPSS is a cross-border, financial market infrastructure run by the African Export Import Bank or Afrexim. It enables payment transactions across Africa without the need for transactions to pass through correspondent banks outside of Africa.

Which is the largest mobile payment platform in the world?

How does mobile wallet work in Africa?

A: Mobile wallets in Africa typically work by linking a user's mobile phone number to a digital wallet account. Funds can be added to the account using cash at a mobile money agent or through a bank transfer. Q: What are the benefits of using a mobile wallet in Africa?

Which mobile internet is fastest in Africa?

Leading this ranking, South Africa stands out with the continent's fastest mobile internet connection, reaching an impressive speed of 48.11 megabits per second. This remarkable performance allows South African users to enjoy smooth browsing and fast online content downloads.

What SIM card works in Africa?

International Drimsim SIM card is an inexpensive mobile data in Africa at relatively same prices as with local providers. You do not have to buy a tourist SIM card to go to Africa. Favorable data will be available as soon as you arrive.

Which African country has the most expensive mobile data?

Zimbabwe had the most expensive mobile internet in Africa as of 2023. One gigabyte cost on average 43.75 U.S. dollars in the African country, the highest worldwide. Overall, the cost of mobile data varied significantly across the continent.

What country gives the most money to Africa?

China is now the largest non-traditional contributor of aid to sub-Saharan African countries.

Who are the top remittance receivers in Africa?

Remittances sent to Africa went largely towards Egypt, Nigeria, and Morocco in 2021, with each country receiving at least 10 billion billions worth of dollars.

Who does Africa owe most money to?

China has become Africa's biggest bilateral lender. It's public lenders hold almost $63 billion of Africa's external debt in 2022, and it's private lenders over $24 billion of Africa's external debt.

What is the best app for international money transfer?

What is the best app to send money to West Africa?

AFRIEX App is the cheapest & easiest way to send money to Africa instantly. With the Best Exchange Rates, Zero Fees, and a FREE Multi-currency account Afriex is quickly becoming the future of money. Send and receive money to and from Africa at no cost.

Does Africa have venmo?

Venmo is currently only supported within the U.S. If you try to sign in while abroad, you'll likely get an error message. We will be able to further assist you with any login issues upon your return to the U.S. If you are outside of the U.S. long term, please reach out to Venmo Support.