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A new Ericsson Consumer and Market Insight report, titled “Mobile Financial Services on the Rise”, reveals that nearly half of all consumers in Sub-Saharan Africa use mobile financial services in 2021 – which is more than a three-fold increase in the last six years.

The report also highlights the impact of the Covid-19 pandemic on mobile financial services uptake, with 54 percent of consumers surveyed saying that they use mobile financial services transactions more now. About 70 percent are more positive towards mobile financial services as a preferred contactless alternate to cash.

The report research was conducted by Ericsson Consumer & IndustryLab in early 2021. It surveyed 3,200 consumers across six Sub-Saharan African countries – Senegal, Angola, Nigeria, Ivory Coast, Ghana, and Ethiopia – to assess the growth of mobile financial services
in light of technology and infrastructure gains across the region, as well as the Covid-19 pandemic impact on financial behaviour.

The report highlights that users list faster transactions as the number one factor that would encourage them to use mobile money services more often in the near future.

“This new research underlines the significant empowering role that mobile financial services play in Sub-Saharan Africa, both in combating the impact of the pandemic and in fuelling economic development across Africa through the transformational potential of expanded and affordable access to financial solutions,” Lucky La Riccia, Vice President and Head of Digital Services, Ericsson Middle East and Africa, said, in a statement by Ericsson.
“Our aim is to support the digitalization of Africa through technologies such as mobile broadband. Ericsson’s mobile financial solutions support this aim as we accelerate financial inclusion.”

Communications Service Providers (CSPs) are the most popular mobile financial services supplier, with up to 90 percent of Sub-Saharan African mobile financial services users now using the technology through these companies, says Ericsson.
 
Mobile financial services are currently enabling basic financial services such as withdraw, transfer, storing money, as well as advanced services such as microfinance and insurance.
Ericsson says its mobile financial solutions are aimed at making management of financials as easy as sending a text so that banking can be conveniently brought to billions orldwide.
The Ericsson Wallet Platform is already used by numerous CSPs worldwide to serve nearly 300 million registered users.