Abstract:
Purpose: This study investigates the challenges and prospects of mobile banking in Africa. Methodology: We
examined the growth of mobile phone technology over the past decade and consider its potential impacts
upon quality of life in African countries via mobile banking. Mobile banking has been observed to perform
via SMS or the mobile internet but can also use special programs called clients downloaded to the mobile
device. The descriptive data analysis used showed that there has been low financial services penetration
compared with the exponential growth of mobile telephony in sub-Saharan Africa, thus creating a unique
niche for mobile phone banking to develop on the continent. Findings: However, low level of internet
penetration and poorly developed telecommunication infrastructure impede smooth development and
improvements in mobile banking in Africa. Recommendations: These challenges can be addressed by the
authorities through policy reforms and scaling up investment in the ICT sector, as well as proving proper
awareness on mobile banking usage to the populace.
