What is the impact of mobile money on financial inclusion?

Ongoing research shows that mobile money has a positive impact on individuals, households and businesses. Mobile Money is driving financial inclusion in parts of society that traditionally could not access traditional financial services. Mobile money is also reshaping the way customers pay for products and services. Even essential services like transportation and electricity can be paid for using mobile money.

The possibilities for mobile money are endless because its impact on society somewhat resembles a revolution in the financial services sector. It will be interesting to watch how the future unfolds with mobile money as it continues to include millions of people in the payments ecosystem who previously were not able to be part of it. The expectation is that as mobile operators become more sophisticated at facilitating mobile money transactions, other value adding participants could be incorporated into the mobile money products and services value chain.

HarvyT hosts Kevin Ssemwogerere who is a Chartered Accountant and Digital Innovator on the AreaCode show, to hear his independent Tech Busines Insights.