The rise of digital payment solutions has revolutionised the way people handle their finances across the globe. In Africa, mobile money has been a game-changer, especially with the growth of eWallets. These digital wallets are increasingly popular, and they come with a wide range of benefits.
In 2022, the value of mobile money transactions in Africa reached $836 billion, up 22% from 2021. This growth is being driven by a number of factors, including:
- The increasing availability of smartphones and mobile internet in Africa,
- The growing demand for convenient and affordable financial services,
- The need for financial inclusion, as many people do not have access to traditional banking services.
The benefits of eWallets in Africa
Below are some of the key benefits of eWallets in Africa:
- Financial inclusion: Africa has a large unbanked population, and traditional banking solutions have been inaccessible to many. eWallets have made it possible for people who were previously excluded from the financial system to participate. If you have a mobile phone and internet access, you can create an eWallet account and start using digital payment solutions.
- Convenience: eWallets are easy to set up and use. They eliminate the need for carrying cash or going to a physical bank, which can be time-consuming and inconvenient. You can make transactions from anywhere at any time, and you can also quickly transfer money to family and friends or pay for goods and services.
- Security: eWallets provide you with secure payment solutions that are much safer than carrying cash around. The use of biometric identification and other security features ensures that only authorised users – you – can access your eWallet account.
- Speed: Transactions through eWallets are almost instant. You can transfer money to anyone with an eWallet account in real-time and make payments to merchants without delay. This makes eWallets an attractive option for businesses, with a growing number of merchants across the continent offering this payment method.
- Cost-effectiveness: eWallets are generally cheaper than traditional banking solutions. They eliminate the need for physical infrastructure, such as bank branches, and reduce the cost of handling cash. This translates to lower transaction fees, making eWallets an affordable payment solution for all.
- Financial management: eWallets allow you to track your spending, view transaction history and monitor your account balance easily. This helps you manage your finances better and avoid overspending.
- Support for the digital economy: eWallets support the growth of the digital economy in Africa. As more businesses adopt digital payment solutions, eWallets are becoming an essential tool for customers to make online transactions. An eWallet opens up many more opportunities to purchase the goods and services you want.
- Remittance: If you want to send money to family and friends within a country, or to send money to Africa from overseas, an eWallet is a cost-effective and convenient option. With eWallets, you can send money instantly and at a low cost. In addition, they eliminate the need for intermediaries, such as money transfer agents, which reduces the overall cost of sending money. This makes an eWallet a valuable tool if you rely on remittances to support yourself and your family.
MiFinity has recognised the importance of eWallets in Africa and is helping more people across the continent access its growing digital economy with the MiFinity eWallet. With a MiFinity eWallet you can also send money to friends and family in over 70 countries and in 17 currencies, including [insert African countries]. To sign up for an account, click here.
