Today, in Western Africa, as in other parts of the world, it has become a generalized practice for people to use their smartphones to carry out transactions. With the rapid development of financial technologies, traditional banking systems, which have often monopolized the movement of money, are preparing to meet the new standards.
The fragmented payment system of Western Africa, composed of banks, mobile money platforms and other payment agencies, is promoting the majority of the countries of the subregion: Ghana, Senegal, Cameroon, Nigeria and others, towards a company without cash .
This article points to three significant changes and existing opportunities that change the game for the panorama of payments in West Arica.
With regard to the movement of money, everything has changed. Mobile payment platforms have brought bank services to people who never.
The proliferation of mobile payments
In Ghana, mobile network services offer mobile money services, with MTN and Vodafone that play a main role.
The exponential growth of MOMO users is proof that most Ghanaes feel more comfortable with mobile payment services. With its good performance, Momo is expected to drive financial inclusion not only by providing users with a service to carry out money transfers, but will also allow the use of other financial services that Momo offers, such as the payment of electricity and invoices of invoices water, among others.
With the modernization of banking systems, most Ghana banks provide non -structured complementary service data data payments for their customers, which allows them to use short codes without the need for an Internet connection to carry out transactions easily.
Mobile payment services, credit cards and USSD codes are paving the way to societies without cash by giving urban and rural populations in Ghana access to essential banking.
In other words, bank citizens do not have to go through the stress of queuing in banks to retire.
The advent of cryptocurrencies
Cryptocurrencies influence payment methods worldwide. While the Ghanaians are getting used to the use of cryptography, Nigeria, his closest, is the leader in cryptocurrency pants in Africa. In 2020, approximately $ 400 million were transactions in Nigeria through Bitcoin.
Between 2020 and 2021, Ghana's economy, like all other economies, was beaten by the Covid-19 pandemic, which led to an economic recession. The Russian-Ukrainian conflict that negatively affects world economies is not saving Ghana
Therefore, the Ghanese, the Nigerians, the Senegalese and the Cameroonians, among other countries of Western Africa, continually seek alternative sources of income, and alternative currencies such as USDT are becoming more attractive as they are linked in the dollar of the United States and cannot be affected by the devaluation of any other currency.
Therefore, it is intelligent to save or make transactions using USDT.
Fintech innovation as a gateway to financial inclusion for all
All solutions provided by Fintech Industries in Africa are aimed at offering clients financial services without problems at cheaper rates.
With financial services on our doors, depending on mobile payments, we can do more with money than possible.
As such, undercover and non -banking citizens can move money inside and through national borders without necessarily affiliated with a bank.
Since this has been considered the norm for centuries, people have been more productive when they have and control their money.
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