At the Mobile World Congress 2024, Ashley Olson Onyango, Head of Financial Inclusion at GSMA, discussed the strides and challenges within Africa’s mobile money landscape. Ashley highlighted the remarkable progress made in 2023, particularly in West Africa, emphasizing the diversification of revenue streams within mobile money services. Despite this progress, challenges persist, such as the gender gap in mobile money account ownership. Strategies tailored to specific markets are essential to address this imbalance effectively.
Digital payments are a gateway to open up other possibilities for small businesses and farmers alike, thinking about how they can leverage that transactional history for access to other services.
Ashley Olson Onyango, Head of Financial Inclusion at GSMA
The conversation also touched on the promising arena of international remittances, where mobile money serves as a conduit for financial transactions. While progress is evident, opening corridors to fully leverage mobile money remains a priority. Olson Onyango discussed GSMA’s strategic partnership with Visa, aiming to bolster financial literacy initiatives tailored for specific consumer groups. This collaboration focuses on building capacity and skills to enhance adoption and usage, particularly among women, smallholder farmers, merchants, and refugees.
The political will is there; we’re seeing great movement with national financial inclusion strategies, digital being recognized as one of the catalytic elements in a lot of those strategies.
Ashley Olson Onyango, Head of Financial Inclusion at GSMA
Mobile money emerges as a catalyst for small businesses and farmers in Africa, offering increased revenue and access to a broader spectrum of financial services. Initiatives aimed at youth empowerment through digital finance are crucial for fostering financial inclusion from an early age. Olson Onyango also outlined the potential of Artificial Intelligence (AI) in revolutionizing mobile money services, particularly in fraud management, data refinement for consumer insights, and digital credit assessment. However, she stressed the importance of maintaining a human touch and using AI judiciously to augment human decision-making processes. In conclusion, collaborative efforts between stakeholders, innovative technologies like AI, and supportive government policies are key to advancing financial inclusion across Africa.
