Mobile money operators eyeing the next phase of growth need to “get modern” and embrace integration technologies, GSMA mobile money head Nathan Naidoo (pictured) told Mobile World Live.
In an interview at the GSMA Mobile 360 Series – Africa event, Naidoo said the industry was witnessing double-digit growth in sub-Saharan Africa with rapid expansion in Central and West Africa, which now comprise 40 per cent of the region’s mobile money accounts compared with 20 per cent in 2013.
However, he added mobile operators aiming to move into wider financial products should embrace new technology and develop integration facilities.
“Making that transition from a traditional mobile money service into a digital platform is going to be really important,” Naidoo said. “To do that right you need to get modern and harmonise integration technologies so you can connect with small businesses, governments and startups.”
“Fin tech is the leading target of investment in sub-Saharan Africa for venture capital firms – a sign investors really see this as a part of the future,” he noted.
To watch the full interview, which includes an overview of recent taxation controversy and regulation across several markets, click here.
This post originally appeared on mobileworldlive