Today, about 91% of adults living in Africa own a cellphone. Research has found that approximately 51% of those adults own a smartphone, while the remaining 40% own your standard cellphone. With all the cellphones in Africa, the number of people in the continent who now have access to the internet is 525 million. This mobile internet revolution seems to have started in 2013, and since then, we have seen mobile data traffic growth at +65% CAGR ever since. (Compound annual growth rate) Where you have cellphones, the internet follows.
With over 380 million smartphones in Africa today; mobile payments are primed to lead the continent to sustained economic growth. Digital wallets are becoming increasingly popular among smartphone users. Mobile payments worldwide are climbing and Africa seems it could benefit the most. Not having access to a bank is common in Africa, and modern tech companies are trying to fill the demand for mobile banking. Mobile payments are typically faster, cheaper, and better in every way.
“Square, Inc. is a financial services, merchant services aggregator, and mobile payment company.” (Wikipedia) As their are other similar products, this tech company seems to be the most compelling. Physical cash is becoming less popular and most money is digital. With the current virus the world is experiencing, digital banking also makes for a cleaner way of doing business, lessening the risk for catching diseases through the touching of dirty bills. For the first time in history, the African entrepreneur can grow their businesses with modern tech.
The smartphone has revolutionized western culture since the iPhone came out in 2007. We have seen the cellphone evolve into the smartphone and have witnessed the benefits it has brought to the economy. Because of the smartphone, mobile internet, and now mobile payments, Africa has the tools it needs to grow. Now that Africa has seen the impacts these technologies can have on other societies; it seems the continent is eager to experience the same economic growth other areas of the world have been experiencing. Today, people in Africa are embracing the smartphone & mobile internet revolution, and it will truly be remarkable to see the 21st century continue to evolve throughout the continent.
Business in the Modern World 