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According to recent reports, Africell has started offering mobile money services in Angola to promote financial inclusion.

Africell Angola launches Afrimoney mobile money platform to unlock unbanked population.

Users in Angola may now deal financially online with local companies and other users thanks to Africell’s mobile finance services. About 50% of the country’s unbanked inhabitants will get access to basic financial services thanks to the mobile money network Afrimoney.

HIGHLIGHTS

  • The Africell Angola mobile money platform is now operational.
  • Mobile recharge, deposits, person-to-person transfers, bill payments, and merchant payments are among the services that have been launched.
  • By providing access to banking to the unbanked, mobile money would strengthen Angola’s economy.

With the introduction of its mobile banking services, Africell has enabled access to basic financial services for around 50% of Angola’s unbanked citizens. Users will be able to deal digitally with other people and organizations on the network using Afrimoney, the mobile money platform supported by Angola’s newest mobile network operator. Users will be able to transfer money, spend money, and make money instantaneously using their smartphones.

Also Read: Africell Angola declares the expansion of its services to Benguela

Scope for Angola’s Mobile Money Industry

The statement claims that Angola’s mobile money market has greater room for expansion than that of the majority of other sub-Saharan African nations. Despite having a very robust economy and an established banking system, Angola has “very low” levels of mobile money adoption, according to the GSMA. Due to the country’s limited acceptance, activity, and accessibility of mobile money, a sizable segment of the populace is cut off from the official economy.

Africell Network Operations

The introduction of Afrimoney just one year after Africell’s mobile network services in Angola began in April 2022 marks a significant advancement in the nation’s digital transformation. In the DRC, Sierra Leone, and The Gambia, Afrimoney is already in use. The US Development Finance Corporation is Africell’s largest outside investor and the sole US network provider operating in Africa.

Also Read: For the rollout of 5G, MTN Group would invest $1 billion in Ghana.

National Bank of Angola and Africell Collaboration

By lowering costs and raising network standards, Africell’s entry into Angola has already had a significant impact on the mobile industry. This larger reform effort will be accelerated by the direct integration of a high-quality mobile money service with a significant network operator, narrowing the gap between Angola and other African nations with more developed mobile money sectors. During the introduction of Afrimoney, Africell worked closely with the National Bank of Angola (BNA).

Also Read: The Quick Rise of Africell in Angola Csmart Digital BSS Platform serves as the engine.

New User Benefits

Free person-to-person transfers and a 100% incentive on all mobile money-paid recharges are available to new Afrimoney customers from Africell Angola. In the future, the Afrimoney platform plans to offer financial services including credit, savings, and insurance.

The debut of Afrimoney is seen as a success by the government of Angola, which is pursuing a long-term economic strategy focused on digital services and technology. Given that there are plans to expand financial services on the Afrimoney platform, the launch of the service might encourage the usage of mobile money and improve financial inclusion for many Angolans.

What do you think?

Written by Shallu Srivastav

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