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Cambridge, Massachusetts - October 5, 2010 - The total value of mobile money transfers in Africa will exceed US$200 billion in 2015, almost 8 percent of Africa’s nominal GDP due to users’ growing trust in the system and a wider range of services, according to a new report from Pyramid Research (www.pyr.com).
Mobile Financial Services in Africa: MNO Business Models and Market Forecast provides an in-depth, up-to-the-moment analysis of mobile financial services in Africa, focusing on the offerings from major market players, such as Safaricom and Vodafone.
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“In many developing regions, including Africa, the availability of formal financial services is limited to certain geographic and income ranges, often leaving the majority of the population to rely on unreliable and costly informal channels,” says Jan ten Sythoff, Analyst at large for Pyramid Research. “Key market players, banks and mobile operators in particular are keen to address this opportunity.”
“Operators, as shown in this report, can enjoy a number of different benefits, including a new revenue stream, customer retention and acquisition, and cost savings,” ten Sythoff explains. “Of the 65 live networks in the 14 countries analyzed in this report, Pyramid expects that 42 – almost two-thirds – will have launched a mobile money service by 2013. By 2015, Pyramid forecasts that more than 1 in 5 people in Africa will be registered to use mobile money services.”
The success of M-Pesa in Kenya has demonstrated that mobile financial services can benefit mobile operators and can provide benefits to the ecosystem, including banks, the distribution network, merchants, and companies. At the same time there are important issues and challenges that need to be addressed. “Regulations vary country by country and impact which services can be offered, by whom and in which way,” ten Sythoff says. “Low literacy rates, which can also be a determinant of text usage, can also impact adoption, and lastly, the existence of widespread and low-cost alternative money transfer services is also a factor.”
Mobile Financial Services in Africa: MNO Business Models and Market Forecast is part of Pyramid's research report series.
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About Pyramid Research
Pyramid Research (www.pyr.com) offers practical solutions to the complex demands our clients face in the telecommunications, media and technology industries. Our analysis is uniquely positioned at the intersection of emerging markets, emerging technologies and emerging business models, powered by the bottom-up methodology of our market forecasts for over 100 countries – a distinction that has remained unmatched for more than 25 years. As the telecom research arm of the Light Reading Communications Network, Pyramid Research works with Heavy Reading, providing the communications industry's most comprehensive market data, trusted research and insightful technology analysis.
About Light Reading
Founded in 2000, Light Reading (www.lightreading.com) is the leading online media, research, and focused event company serving the $3 trillion worldwide communications market. Lightreading.com is the ultimate source for technological and financial analysis of the communications industry, leading the media sector in terms of traffic, content, and reputation. Light Reading’s research arms, Heavy Reading and Pyramid Research, provide the most comprehensive communications research, market data, and technology analysis in close to 100 markets around the world. Light Reading produces nearly 20 targeted communications events including TelcoTV, and TelcoTV Asia, Ethernet Expo New York and Ethernet Europe, and The Tower Summit @ CTIA, as well as focused one-day events tailored for cable, mobile, and wireline executives in the US, Europe, India, and China. Light Reading was acquired by United Business Media in August 2005 and operates as a unit of TechWeb.
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UBM TechWeb (http://www.techweb.com), the global leader in technology media and professional information, enables people and organizations to harness the transformative power of technology. Through its core businesses – media solutions, marketing services and professional information – UBM TechWeb produces the most respected and consumed brands, applications and services in the technology market. More than 14.5 million business and technology professionals (CIOs, IT and IT Support managers, Web & Digital professionals, Software and Game developers, Government decision makers, and Telecom providers) actively participate in UBM TechWeb’s communities. UBM TechWeb brands includes: global face-to-face events such as Interop, Game Developers Conference (GDC), Web 2.0, Black Hat and VoiceCon; large-scale online networks such as InformationWeek, Light Reading and Gamasutra; research, training and certification services, including HDI, Pyramid Research and InformationWeek Analytics; and market-leading magazines such as InformationWeek and Wall Street & Technology. UBM TechWeb is part of UBM, a global provider of media and information services for professional B2B communities and markets.
Press contact:
Jennifer Baker
+1 617 871-1910
jbaker@pyr.com
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