Angola Launch of Mobile Money-Could it propel the Gambling Industry?

The mobile money bandwagon continues to gather pace in Africa, which has become the first resort for the average African to complete financial transactions without needing a bank account. As a result of the enormous mobile money, adoption has aided many sectors, some of which has greatly benefited from the vast adoption has been the bedrock of success for gambling industry growth in Africa, particularly in the East Africa region.

The pace and adoption of the mobile money service have been extended to the Angola market. According to local reports, the leading Angolan operator Unitel is about to launch a service dedicated to mobile money services called Unitel Money. This is described as a form of digital money that will allow the Angolans to make deposits, withdrawals, transfers, and payments from their mobile phone without having a bank account. The National Bank of Angola (BNA) granted Unitel a license to provide this mobile payments service in 2020.

According to sources from Unitel quoted in the regional press, the service is being developed entirely by the company. Unitel Money stores and agents will support it, which are seen as the backbone of the service in a network of hundreds of mirrored branches throughout the country. It seems that users of this financial platform will receive sums of money on mobile phones pretty much anywhere in the country. Somewhat surprisingly, according to a local report, it appears that Unitel may be the first operator in Angola to offer this sort of financial service. It will be pretty interesting to see how Angolans respond in a country with a sizeable population of over 31 million. However, through the appeal of such a service to end-user with little access to a bank account, a case of Ethiopia that recently launched Telebirr service enjoyed rapid uptake. It first mobile money in less than a month, over 4 million people registered to mobile money account. The mobile money service has been the preferred payment vehicle of first resort.

Many experts attributed this to the cheap accessibility and comfort that the service provides for underserved and unserved groups of the unbanked population. As previously mentioned in the article, this new development of mobile money service that will be accessible to the people is pivotal to the Angolan gambling market growth in the long term and creating the opportunity to accelerate mobile online gambling and betting in the country. However, as many African countries evolve in gambling regulation, the government is also experiencing regulation amendments. In recent years, Angola amended its laws guiding the gambling industry and authorizing betting and online gambling with licenses for ten years.

The government established the rules for companies interested in the online gambling and betting business practised at a distance through electronic, computer, telematic and interactive media or other ways in the African country; President Joao Lourenco signed the authorization. Even though the impending launch of Angola mobile money will propel mobile online gambling and betting, the industry will experience a rapid uptake and adoption in betting and gambling.

Existing sports betting companies such as Elephant bet and Premierbet will benefit greatly from this move. At the same time, it will also attract other notable sports betting brands in Africa to consider the Angola market. Thanks to the planned mobile money launched, runaway success in East Africa is expected to put Angola on the world map as the first choice for investors’ entrepreneurs in the gambling industry.

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