Driving mobile payments in Africa

Johannesburg, 28 Aug 2009

Mobile payment users will reach 74.4 million this year, an increase of 70% over the 43 million users in 2008, according to research firm Gartner. In 2012, that number should exceed 190 million users.

In Africa, there are 300 million reachable adults that currently have no access to formal financial services, according to the UN Department of Economic and Social Affairs.

To this end, the ITWeb Mobile Payments event, taking place at The Forum on 3 and 4 November, will highlight the potential of the mobile payments market in Africa.

With the ability to reach the poorest sections of the community, mobile payments represent an opportunity to expand consumer choice, increase service provider reach, and drive the growth of access to financial services throughout Africa.

This event will explore the market opportunities for operators, financial institutions and retailers to offer payment services via the mobile channel. Obstacles, such as consumer resistance, security concerns, and regulatory issues will be addressed, as the keynote speakers investigate solutions that will drive mobile payments into the mainstream.

Some of the high-level speakers include Paul Stemmet, GM of Mxit; Adrian Vermooten, head of mobile and digital channels at Absa; and Dave Mitchell, head of the national payment system department at the South African Reserve Bank.

The key focus of the event is to highlight the trends and drivers of mobile payments in Africa and how to exploit its potential in an un-banked market. Also, different business models and technologies will be showcased.

Regarding security concerns, speakers will discuss how to mitigate the risk of fraud and implement security in mobile payments. The event will also investigate the status of regulations across Africa regarding mobile payments. Finally, speakers will explore the role of the retailer in driving mobile payments in Africa.