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Mobile Money Services Development: the Case of Africa

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Mobile Money Services Development: the Case of Africa Studia Ekonomiczne. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Katowicach ISSN 2083-8611 Nr 356 · 2018 Współczesne Finanse 13 Krystyna Mitręga-Niestrój Blandyna Puszer University of Economics in Katowice University of Economics in Katowice Faculty of Finance and Insurance Faculty of Finance and Insurance Department of Banking and Financial Markets Department of Banking and Financial Markets [email protected] [email protected] Łukasz Szewczyk University of Economics in Katowice Faculty of Finance and Insurance Department of Banking and Financial Markets [email protected] MOBILE MONEY SERVICES DEVELOPMENT: THE CASE OF AFRICA Summary: The aim of this study is to assess mobile money services market deve- lopments in Africa in recent years in comparison to other parts of the world, with parti- cular reference to mobile payments. The empirical research question is to find out what is the state of development of the mobile money services, especially mobile payments, in Africa compared to other regions of the world. Nowadays, the mobile money services, including mobile payments, are developing very fast in Africa, comparing not only to other developing countries but also developed ones. The potential of mobile money services to bring access to financial services is observed in the developing world. The key findings show that in Africa the growing number of mobile money services, inclu- ding mobile payments, can be seen. It is important to say that Africa is in the centre of high development in the area of mobile payments, due to numerous reasons, e.g. the growing use of mobile phones. Africa is the leader in mobile money, which has become an important element of Africa’s everyday life. Furthermore, mobile money services can become the driving force for growth of the domestic economies. There are still very diverse situations between African countries and the local markets vary widely, therefo- re, it is hard to obtain more specific data concerning to mobile payments problem. The paper is based on both literature studies and analysis of statistical data concerning the key aspects of the problem covered by the study. Keywords: mobile payments, mobile money, African states, developing countries. JEL Classification: E42, O33, Q55. Mobile money services development: The case of Africa 79 Introduction Mobile money services are becoming very important tool, especially in the developing countries, for people (usually low income households) that do not have a broad access to financial services [African Development Bank, 2013, p. 8]. Mobile payments play a vital role in financial inclusion. R. Cull, T. Ehr- beck and N. Holle [2014] state that both, global and national-level policy makers have been embracing financial inclusion as an important development priority. Over the last few years, the growth in mobile money services can be seen all over the world. In some regions the growth is very significant. Among those regions is Africa, which is in the midst of high development in the mobile pay- ments area. The African continent faces challenges in the area of financial tech- nology, which is connected with the fact, that about 80% of adult people in Af- rica don’t have an access to banking services and the majority of the continent is still unbanked [McDermott, 2016, p. 34]. On the other side, there is an increas- ing need for financial products, which is the result of the growth of African economies. This need can be seen for example in terms of creating infrastructure and services for the people, who have never entered a bank [www 1]. Mobile money services play a prominent role in integrating low-income and unbanked households into wider financial system, especially by providing access to such services as credit, deposit and fund transfer capabilities [International Growth Center, 2016, p. 1]. The aim of this study is to assess mobile money services market develop- ments in Africa in recent years in comparison to other parts of the world, with particular reference to mobile payments. The empirical research question is to find out what is the state of development of the mobile money services, espe- cially mobile payments, in Africa compared to other regions of the world. As the research method, the descriptive and comparative analysis is used. 1. Literature review The definition of mobile money varies across the communication industry as it covers a wide scope of overlapping applications. In general, mobile money is defined as “service in which the mobile phone is used to access financial ser- vices” [GSM Association, 2010, p. 3]. There are three major mobile money ser- vices: 80 Krystyna Mitręga-Niestrój, Blandyna Puszer, Łukasz Szewczyk 1. “Mobile banking, which is only one type of mobile money service: it allows customers of a financial institution to access their money, only available to people who possess a formal bank account. 2. Mobile payment – (also known as »m-payments«) is a service allowing un- banked people to purchase or sell goods and services at a merchant shop/store (or remotely) using their mobile wallet through their mobile phone, instead of cash. 3. Mobile transfer – (also known as money transfer »person-to-person« – »P2P« – or »mobile remittances«) it is a service that allows unbanked people to send or receive small sums of money to/from any other mobile phone user (even if they are subscribed to different telephone service providers) across the coun- try, from urban to remote rural areas, and across international borders. In practical terms, the customer must first deposit cash into his mobile wallet. Then, on the phone menu, the customer selects the option »send money«, and enters the recipient’s phone number, the amount he wishes to send and his 6-digit security PIN. The sender can confirm that all the information entered is correct. The receiver will get a text message that he can show to a local mobile company agent to receive the money in cash” [ACP Observatory on Migration, 2014, p. 6-8]. It should be underlined that currently, there is no standard definition of the above terms. Mobile payments are payments for goods and services with a mo- bile device by taking advantage of wireless communication. A mobile payment service comprises of all technologies that are offered to the user, as well as all tasks that the service provider perform to commit the transaction [Dahlberg et al., 2008, p. 2]. The Committee on Payment and Settlement Systems [2013] defines mobile payments as payments initiated and transmitted by access devices that are connected to mobile communication networks. Transaction values are small in amount and serve the purpose of purchasing goods or services at the point of sale, or remitting funds. Money originates from two major sources, in- cluding customer funds, located at banks in the form of a deposit account or credit account (including prepaid cards), or customer “stored-value funds” main- tained by mobile network operators [Khiaonarong, 2014, p. 6]. Mobile payment may include a few potential parties (Fig. 1). Mobile money services development: The case of Africa 81 Fig. 1. Potential parties in the mobile payment chain Source: Dahlberg et al. [2008, p.. 3]. Mobile payments facilitate two broad types of economic and financial activ- ityt [Flood, West, Wheadon, 2013, p. 72-74]: – puurchases – paymments for gooods and services, in this category, there are both puurchases in point-of-sale and remote purchases; – transfers – paaymments that create no obligation for another party. In terms of technologiical interface, mobile paymments may be divided into three categories (Table 1). Table 1. Mobile payments in terms of technological interface Type of interface Characteristics SMS or USSD Message is sent via the mobile network to initiate a payment Mobile device provides a means of accessing the Internet. Payments via this Mobile internet transaction interface are similar to transactions made from a personal computer Mobile device enabled with an NFC chip is placed in proximity to an NFC NFC-enabled terminal and transmits payment information using radio frequencies Source: Flood, West, Wheadon [2013, p. 72]. The market of mobile paymments is the fastest growing among mobile financial servicces in the world. This situation is mainlyl caused by the high increase of mobile devices on the market and the grrowing interest from consumers. The potential bene- fits to consumers of mobile payments can be seen by the comparison of mobile paymment methods to traditional paymment methods [Hayaashi, 2012, p. 36]. 82 Krystyna Mitręga-Niestrój, Blandyna Puszer, Łukasz Szewczyk Mobile payment solutions development should include careful analysis of benefits for the consumers. It is important to take into account that the develop- ment is heavily driven by technological understanding and technology limita- tions. T. Dahlberg and N. Mallat suggest that [2002, p. 652]: – it is necessary to view payment solutions from customers’ point of view and not to concentrate only on technological issues, – payment solutions must be built on unfulfilled identified costumers’ needs, – payment solutions based on new technologies must be adopted with educa- tional means that will help to overcome a reluctance to adopt them, – consumers must be able to understand what the payment solution is and what kind of benefits does it provide. The fast adoption of mobile money systems in developing economies, which can be seen in recent years, reflects the benefits they can offer in countries
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