Making mobile financial services work for microfinance
Sub-Saharan Africa is currently leading the global development of mobile financial services, showing in markets like Kenya, Tanzania and Uganda how technology can dramatically increase the pace of financial inclusion. Technology is increasingly making it viable for a wider range of players to provide financial services to the economically marginalized, and enables innovation of new products and delivery channels to increase outreach.
The Partnership for Financial Inclusion works with private sector players across Sub-Saharan Africa to build expertise and infrastructure to sustainably offer financial services to the unbanked using mobile technology and agent networks. Working with 3-4 established mobile financial services providers in both established and new markets, the program aims to scale up existing businesses to add a total of 4 million new customers in five years.
The program also runs a market intervention program in Cote d’Ivoire, in order to encourage the broad range of industry players to advance mobile financial services. Cote d’Ivoire was selected for this program component because of the great potential for mobile financial services in the market, where financial access is currently very low while mobile phone usage is very high. The choice was made on the basis of
in-depth scoping reports conducted in Cote d’Ivoire, Liberia, Nigeria, Rwanda, Sierra Leone and South Sudan between February and August 2012.
The findings of the complete set of scoping reports have been summarized, and can be accessed by clicking on the different countries on the map below. The map also shows the current levels of markets readiness in 45 counties in Sub-Saharan Africa based on a market survey by IFC in September 2012.