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Mobile Financial Services in Africa: Winning the Battle for the Customer 9 Mobile financial services in Africa: Winning the battle for the customer 9 McKinsey on Payments July 2017 Mobile financial services in Africa: Winning the battle for the customer Africa is the global leader in mobile money, which has become an important component of Africa’s financial services landscape. Mobile network operators (MNOs) have dominated mobile money services in Africa for the past decade. More recently, fintechs have established a solid footing in the market, and a number of banks are beginning to compete aggressively for the mobile banking customer. While some banks have chosen to “go it alone,” others are forming partnerships in hopes of reaching the market faster. This article outlines five paths banks can take to retain ground in the battle for the mobile customer in Africa. Mutsa Chironga Africa is the global leader in mobile Africa today, there are 100 million active money mobile money accounts (used by one in ten Hilary De Grandis Mobile financial services (MFS) span the full African adults). This far exceeds customer Yassir Zouaoui spectrum of financial services, from pay- adoption in South Asia, the second-biggest ments and current accounts, to savings, region for mobile money in terms of market loans, investments and insurance. Mobile share, with 40 million active mobile money money, which enables customers to send, re- accounts (used by 2.6 percent of adults) (Ex- ceive and store money using their mobile hibit 1, page 10). phone, is a subset of MFS that is provided Mobile money now extends far beyond Sa- mainly by telco companies. The underlying faricom’s initial M-Pesa offering, which en- funds are typically held by a bank in a dedi- abled consumers and small cated stored value account or a linked cur- businesses—many of which had little or no rent account. access to a bank—to send and receive money Just over half of the 282 mobile money serv- quickly and securely across great distances. ices operating worldwide are located in Sub- Today, mobile financial services have ex- Saharan Africa, according to the GSMA. In panded to include a broad array of financial 10 McKinsey on Payments July 2017 Mobile financial services in Africa: Winning the battle for the customer Exhibit 1 Live mobile money Percent of adults Active (90-day) mobile 2013-2016 deployments, 2016 (age 15+) with mobile money accounts, 2016 CAGR Africa is the world money account, 2014 Million leader in mobile money Sub-Saharan 143 11.5 100.1 33% Africa South Asia 41 2.6 40.4 57% Latin America & Caribbean 37 1.7 10.8 65% East Asia 7.1 & Pacific 37 0.4 29% Middle East 13.9 & North Africa 17 0.7 94% Europe & 1.4 Source: GSMA Mobile Money Deployment Tracker; Central Asia 7 0.3 141% World Bank Global Findex; GSMA State of Industry Report 2016 services, including credit, insurance and today fall into one of five different arche- cross-border remittances, and M-Pesa now types, defined according to which segments accounts for less than a quarter of MFS of the mobile money value chain they cover users in Africa. (Exhibit 3, page 12). Despite the near saturation of certain mar- 1. MNO-dominant: In this archetype, the kets, there is still ample room for growth in MNO is responsible for most steps of the mobile financial services in Africa. In recent value chain, including the virtual telco years (2013-16), the number of active mobile network and the physical agent network money users has grown by more than 30 and payments issuing and processing; a percent annually. Furthermore, margins on bank is the deposit holder. Beyond M- payments in Africa remain among the high- Pesa (26 million registered users in est in the world, at approximately two per- Kenya, of which approximately 73 percent cent of the transaction value. Annual are active), there are several other revenues can approach $29 per annum per providers that have been highly successful active registered user (Exhibit 2). in this category in Africa, including MTN Mobile Money, with 41 million registered The market has diversified as it has customers (approximately 38 percent ac- matured tive) across 15 countries; Orange Money, Africa’s mobile money market has expanded with 16 million registered customers and diversified in recent years. Providers across 14 countries; and Tigo Money, with 2 Mobile financial services in Africa: Winning the battle for the customer 11 Mobile financial services in Africa: Winning the battle for the customer 8 million registered customers across 5 maintain deposits. Equitel also offers African countries. services beyond banking, including airline ticket purchases and information on con- 2. MNO-led partnerships: In this model, a sumer-interest topics (e.g., healthcare, ed- banking partner supports the MNO in ucation). In this case, the bank provides providing products beyond payments such access to its agent network, as well as pay- as small consumer loans and deposits. ments issuing and processing capability. The leading example is M-Shwari in Kenya, a partnership between Safaricom 4. Bank models including banking apps (Kenya’s leading telco, with a customer for smart phones and text-based money market share of nearly 70 percent) and transfer services using basic handsets. CBA (a mid-sized bank in Kenya). This These services typically require the partnership reached 10 million customers sender to be a customer of the bank pro- within 18 months of launch, in part be- viding the service, while the recipient cause it managed to cross-sell to users of does not need to be a bank customer. Safaricom’s M-Pesa. FNB’s banking app is an example, with approximately two million active cus- 3. Bank-led partnerships with MNOs: The tomers in South Africa. best example of this model is Equitel, a partnership between Equity Bank and 5. Fintech solutions: A successful example Airtel with over two million customers in is Paga, in Nigeria, which has grown its Kenya. This service allows customers to customer base 81 percent annually, ex- send money from their accounts to any panding from one million registered cus- bank account in Kenya, take out loans and tomers in 2013 to more than six million Exhibit 2 Africa’s two leading Mobile money Mobile money revenues,2016-20171 Active customers,3 2016-2017 Revenues per provider $ million Million active customer mobile money per annum providers earn $550 $ million and $200 million in annual mobile financial M-Pesa services revenues 5482 19 28.8 1 M-Pesa FY2017 as of March 2017; MTN Mobile Money FY2016 as of December 2016. 2 75% P2P and withdrawals; 25% new MTN Mobile business: C2B, B2C and B2B, and Lipa Na 15.4 M-Pesa (bill payment). Money 205 13.3 3 M-Pesa active within last 30 days; MTN active within last 90 days. Source: Annual reports 3 12 McKinsey on Payments July 2017 Mobile financial services in Africa: Winning the battle for the customer today. Paga, which processed $500 mil- have built scale and momentum in mobile lion in payments in 2016, is now a fully payments on three pillars: 1) near ubiqui- fledged payments company allowing cus- tous distribution networks, 2) vast numbers tomers to send money via their phones of customers/strong market concentration, and pay for online purchases on mer- and 3) a superior client experience. chant websites. Of these considerable strengths, distribution is the MNOs’ main advantage. Thirty-seven Why mobile carriers are winning African markets have 10 times more regis- customers tered agents than bank branches. In Kenya, Even as banks and fintechs have entered the for example, Safaricom has more than market, MNOs continue to dominate the 130,000 agents where customers can cash in landscape in terms of customer numbers, as or cash out. By contrast, leading banks in shown in Exhibit 3. The most successful Kenya, where agency banking has been MNO-led mobile money launches (M-Pesa highly successful, have approximately and MTN Money) have from five to ten 15,000 agents. times as many clients as bank-centric ap- Second, mobile companies have vast num- proaches (e.g., FNB and Equitel). bers of customers. For example, MTN, the While in many markets banks can rely on largest telco in Africa, has 171 million cus- regulations to defend their deposit-taking tomers, whereas leading pan-African banks capabilities, over the past decade MNOs (e.g., Ecobank, Standard Bank, Barclays Exhibit 3 Mobile money Archetype Value chain element Product example Registered customers, 2016-17 Million providers fall into m r l r o e r e f n e t u n d s one of five a l l a s i o p h h t c y t n archetypes e i e n m s t o o o n m c p e y l m e g a - e P E A T D MNO-dominant MTN Mobile Money 15.4 41 MNO-led M-Shwari partnership 5.8 16 Bank-led Equitel 2.3 partnership Bank-dominant FNB Banking App 2.0 Paga Third party 6.3 (fintech) Bank Telco Active1 1 Active in last 90 days Third party Non-active Source: Company websites and annual reports 4 Mobile financial services in Africa: Winning the battle for the customer 13 Mobile financial services in Africa: Winning the battle for the customer Africa) typically have between 11 million and East Africa leading the charge 15 million customers. There are two primary While demand for mobile money is evident drivers of telcos’ vastly superior client num- across the whole of Africa, the availability bers. First, mobile phone penetration across of service is uneven from one market to the Africa is on average 80 percent, twice the next.
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