Exploring the consumer perspective in Sub-Saharan Africa
This Consumer and Market Insight report analyses how and why mobile money has increased in popularity across Sub-Saharan Africa and presents aspects that could contribute to future successes with mobile money services.
Essential aspects for future success
There are eight key improvement areas identified that should be in place in order to ensure future success with mobile money services and their greater utilization by consumers. These aspects can be illustrated as points in a wheel, in no particular order of importance.
It is crucial to both maintain and strengthen trust when handling consumers’ money. It is also currently the main driver of customer satisfaction with the mobile money offerings by the CSPs.
High security is one of the main reasons for choosing a mobile money supplier. Similarly, non-users value secure transactions the most when they consider any future uptake of a mobile money service provided by a CSP.
Secure personal data handling
Two-thirds of consumers in the region feel secure with how their personal data is handled when using mobile money. However, this still means that a third are not comfortable enough at this point.
70% say faster transactions would encourage them to use mobile money more. Mobile money suppliers must consider new solutions to speed up the process of cash transfers.
Improve and communicate safety aspects
After time, safety is the second-highest concern when it comes to sending and receiving cash. Therefore, highlighting safety aspects in communications with consumers is key.
Strengthening the ecosystem
A stronger mobile money ecosystem is desirable. It’s also desirable that institutions and companies, including small businesses in marketplaces, offer the possibility to make payments via mobile money.
Easy to use for all
Mobile money services should be made available for anyone to take advantage of, irrespective of technology proficiency levels. Additionally, ease of access should take into account the pricing for new users.