The number of mobile payments in Kenya and Nigeria has increased significantly during the year 2013, South African financial firm Standard Bank has said.
According to Standard Bank, mobile payments in Kenya on behalf of its clients rose by 300% in 2013.
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Currently, Kenya and Nigeria are leading other African nations in the adoption of mobile payment technology, which has enabled the nations to bring more unbanked citizens to formal financial services.
Standard Bank, which had begun a mobile payments pilot project in Nigeria with two clients, had facilitated more than NGN4bn ($24.14m) payments in 2013.
Commenting on the growth, Standard Bank Cash Management Products head Sachin Shah said that multinational corporations operating in Africa are increasingly looking at ways to eliminate the risk of carrying and transporting cash and the use of mobile wallets to facilitate cashless payments is a cost-effective and efficient way of doing this.
"The conversion from mobile wallets to formal bank accounts will follow as soon as other capabilities like loans, savings and insurance can be made available through the mobile phone," added Shah.
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