Mobile banking opportunities in Africa
"Mobile-savvy consumers want to do more for their phones and this presents opportunities for Africa's banks and their merchant partners. Mobile phone penetration in Africa has exploded since 2000, as it has elsewhere in the developing world. In 1998 there were fewer than two million mobile phone users in Africa, according to the African Development Bank. The number grew to over 400 million in 2009.
Banks and other providers now recognise the potential of reaching millions of prospective customers, especially the rural population who account for more than 60% of Africa's total population and have no access to banking services. At BuzzCity, we've noticed an increasing number of banks and financial institutions using mobile advertising to share information and promote services. As financial institutions embrace mobile as a distinct channel - not just a supplement to PC banking - their number-one challenge is the same as they faced when first rolling out online banking: consumer confidence. "
3 Must-Have Features in a Mobile App
"When it comes to mobile banking, a bank can deploy a relatively simple downloadable app and satisfy customer needs at the same time. Which is probably why two of the top three functions banks are asking California-based mobile banking and payment provider mFoundry are as fundamental as the ability to check account balances and move money.
So what three mobile app features are hottest among banks right now? According to Drew Sievers, CEO and cofounder of mFoundry they are:
* Account management
* Mobile remote deposit capture
* Account transfers or bill pay
It makes sense. Until someone figures out how to dispense cash from a mobile phone, those three things will take care of the big stuff. In the meantime, using geolocation baked into a smartphone app to find the nearest branch or cash machine remains a viable option."
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