ABOUT 18% of South Africans are using mobile phones to transfer money – proof, says First National Bank, of the rapid growth of this form of banking. The 2011 World Wide Worx research, which probed the use of mobile phones for banking purposes, showed that close to 2 out of every 10 South Africans are now using their phones to transfer cash to family and friends.
“Mobile money is one of the fastest growing sectors in the financial services environment – with many people opting for an electronic wallet instead of a leather one, The number of eWallet holders has doubled within six months, from 250 000 in October last year to over 500 000 in April this year.
These trends are an indication that some of the previously unbanked markets are also starting to embrace the idea of a remittance economy. Cellphones as a banking tool are indeed coming of age giving instant reach to the receiving recipient.
