Advent of mobile financial services in Africa gaming ecosystem

Africa is well-known for its ascendancy in the newest form of electronic payments. Though, the way global currency is exchange, certainly has evolved in recent decades. We now have the power to make payments via a variety of cutting edge digital avenues.

Some parts of the globe have made more strides than others, but payment technology has been widely adopted in the gaming ecosystem in the past few years, particularly bookmakers in Africa are adopting these financial services to their gaming platforms.

Although, we will be looking at the key players in digital financial management and how betting companies are using it to better serve customers experience.

Mobile banking service is similar to mobile money in that you can manage your money remotely through a mobile. However, mobile banking service is offered by financial institutions and it doesn’t quite offer the same functionality as a mobile money service. Therefore, with mobile banking, you can mostly deposit and withdraw your finances, make transfers and check your payment history unlike mobile money service refers to an entity unaffiliated with any large-scale financial institutions that offer mobile payment services, such as PayPal, Skrill, Airtel Money, and MTN Money to M-pesa these financial institution allows one to make and take payment, from or to an entity, at any time.

Further, Africa is known as one of the most unbanked society in the world. Though, in sub-Saharan Africa, the biggest player in mobile money is M-pesa the company is revolutionary money service initiated by a mobile app. Today, it’s forecasted that this particular region, will have over 500-million cell phone subscribers to the service by the end of 2020. However, despite the two differences, the adoption of the two key financial services in recent years has skyrocketed, particularly in the gaming space, which is now the key and integral part of the growth of sports betting business in Africa. Though, the prevalent of mobile phones in the region as well as mobile financial institutions is in unprecedented growth rate in Africa as major stakeholders in the industry particularly bookmakers are adopting these financial technology to they platforms to better improve it financial payments services across the region.

However, Africa is known to be the second most populous continent in the world behind Asia as well as been regarded to have the highest numbers of young population in the world which are between age 18-35 in the world. According to Wikepedia.

Digital generation is here in Africa which is relatively at advantage with demographic as well as digital customers, especially the gaming industry in Africa which variations in technology is key to the success of the industry in recent years, punters now prefer these means of financial payments via they mobile phones compare to the traditional ways punters do make payments in funding they online accounts years back. Though, the inclusion of mobile payments to the gaming industry was the key to the widespread of mobile betting in Africa in recent years, a very good example of the key growth of mobile financial management in Africa.

According to statistics report from the World Banks Global Findex Database found that 21% of adults in this region have a mobile money account, which is near twice the share it was in 2014 as well as the highest in the world. Indeed despite the growth of both innovations in mobile financial management there are still some unique challenges within each mobile money services, the competition are increasing in markets. With bank-owned mobile financial service high fees are one of the biggest drawbacks.

However, for both, rural areas Africa are still emerging in the gaming industry, network access being the biggest key player though, with the inevitable 5G network that is set to lunch in Africa, it is expected that the growth of mobile financial service will continue to experience further growth in the region as well as improved the landscape of gaming ecosystem in Africa.

Article by Adeleye Awakan
Associate/Editor www.gbc.ng Africa’s leading digital gaming magazine. For consultant on gaming in Africa, Bookmaker’s review, Content, Advertising, and Thoughtful leadership article contact: [email protected], Linkedin Adeleye Awakan.

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