As Africans increasingly gain access to mobile devices, aid and development organizations see them as a pathway to providing access to financial services to a large "unbanked" population, and a deal announced in
The three-year project aims to help
The agreement is part of a
In addition to providing funding, IFC will also provide market research and advisory services on agent network management and business strategy development.
Most Africans do not have bank accounts and people have to travel long distances to access retail bank outlets. But increasingly, Africans are using mobile financial services to buy goods, pay utility bills, and send and receive money.
IFC also cited data for
Like many African countries,
"Mobile money service has become the main tool to promote financial inclusion in
Financial services also offer a promising route to growth for mobile operators. Revenue from mobile voice services in most African countries including
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