Modern technology is quickly establishing roots in previously underdeveloped parts of the world. Mobile money is fast developing in Africa amid the current wave of technological evolution. Mobile technologies used in money transfer are increasingly compensating for the continent’s limited access to traditional financial services. These factors, combined with the growing preference for contactless transactions due to the COVID-19 pandemic, mobile money is positioned to take over the bulk of financial activities in Africa.
Telecommunications companies in Africa recognize the growing popularity of mobile money services. As a result, they collaborate with licensed agents in the field to provide mobile money services. Depositing and withdrawing cash from virtual wallets, paying and receiving payments, and peer-to-peer transactions are all common services of telecom companies in Africa. Many people benefit from the development, including businesses and individuals who profit from the online gaming industry. Transferring money or credit is now easier, regardless of a person’s subscription status.
Mobile Money Technology Adoption in Africa
Mobile money is dominating the present and heralding a future in which it will be the primary financial service. Any bill, including water and electricity payments, as well as other luxurious remittances, can now be paid using a cell phone.
Mobile money is popular among bettors in Congo, where the online gaming market is rapidly growing. This growth is centered on mobile technology, combining the capabilities of Northern Technologies International Corporation (NTIC), one of the region’s large telecom companies. with microfinance operations.
The apparent rapid growth in mobile money technology stems from the shortcomings of Congo’s fixed telephone network. The result of widespread inefficiency in physical communications technology has subdued Africa’s welfare, particularly in rural areas.
Mobile money transfers accounted for approximately 6.5% of Kenya’s total economy in 2017. In that year, approximately 10 million Kenyans had active mobile money subscriptions, indicating the rapid growth of mobile money technology since the launch of M-Pesa.
Companies Adopting Mobile Money Technology in Congo-Brazzaville
Many African businesses are capitalizing on the mobile money boom. They are especially grateful that the technology is affordable to most Africans. MoMo is one of the most widely used mobile money technologies in Congo-Brazzaville. The service is well-known for its low transaction costs, which average about 2.5 percent of the amount transferred. Since its inception, the company has recorded over a million accounts. People working in both urban and rural areas use the accounts.
Because of its speed in cash transactions, MTN’s MoMo became one of the most popular mobile money technologies in Congo. It was serving several companies and individuals within months of its launch. Its reasonable pricing, ease of use, and ability to facilitate a wide range of operations helped it become popular in a short period of time. MoMo also gained popularity among various firms due to its ease of use in facilitating invoice payment and salary remittance processes in various SMEs operating in the informal sector. It became so popular that the government was unable to control it.
Many Congolese businesses benefit from the convenience provided by MoMo and other mobile money technologies. Paridirect, a popular online gaming platform based in Congo, is one of its most recent customers. Online casinos and betting are industries that benefit from mobile banking methods. Paridirect is a Congolese sports betting site that is overjoyed with the addition of new mobile money options. Almost all betting in Congo and elsewhere in Africa is done via mobile phone. According to Gia Janashvili, a majority partner in Paridirect, local mobile transaction techniques are critical for the market’s future growth.
Benefits of the Increase in Mobile Money
The exponential growth of mobile money has more benefits than most people realize. Because there is global coverage, approximately 42 million transactions take place every day. However, the service primarily benefits African individuals and businesses.
The reduction of distances, time, and other resources used in developing the entire continent makes a significant contribution to the global economic system. It makes a significant contribution to the digital world by diversifying financial activities during crises.
MTN’s MoMo is the Holy Grail of mobile money from which the Congolese drink. Since its inception, many have benefited from the service, which readily connects people and lets them benefit from everything the world has to offer. It is comparable to Kenya’s MPesa, which has connected the country to the rest of the world and financially empowered its people. People in Congo and throughout Africa can look forward to a brighter future as mobile money technology advances.