With smartphone coverage generally reaching 80% of the population, even in the remotest part of Africa, the potential to leapfrog to mobile banking holds the promise of addressing many of the challenges currently faced by rural remittance recipients.

Long, costly and potentially dangerous treks from isolated villages to urban financial institutions could soon be replaced by instantaneous transfers of funds from one country to another using mobile phone. The convergence of remittances and mobility is inevitable and new opportunities in basic financial services for remittance senders and recipients are growing rapidly.

The growth of this market will benefit all sectors, making payments faster, more convenient, more secure and more accessible to a greater number of senders and recipients. Overall, consumers will particularly benefit from money transfers and other mobile and online services currently designed for and offered to urban consumers in both remittance sending and receiving countries.

The Cheaper, Faster And Most Reliable way to send Money to Your Friends and Family Anywhere in Africa - Korapay