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Monday, Sep 23rd

Growing demand for mobile money solutions in Angola

Growing demand for mobile money solutions in Angola

FinTech industry stakeholders in Angola are pushing for more solutions to be rolled out and an increase in mobile money partnerships, this to encourage financial inclusion and reduce banking costs.

So says Standard Bank Angola chief executive officer Luis Telese who confirmed the pan-African bank is pursuing options in local mobile banking.

The bank is "currently analysing a number of alternative solutions related to mobile banking in Angola" and will lean on its experience in other African markets where it has operations said Telese.

He added, "There is appetite in Angola from both clients and regulators to develop innovative solutions that can increase the banked population and provide banking services at low cost."

Reports show that only about 29.3% adult Angolans have access to banking services.

Standard Bank and competitors Standard Chartered and Ecobank continue to bump up their digital and mobile banking operations.

Telese continued: "We are currently experimenting with robotics, digitising critical processes and implementing workflows."

In 2018 Pedro de Castro e Silva, administrator of the national bank of Angola, said new laws governing payment systems, including mobile payments, would be submitted to parliament for approval in 2019.

If approved and implemented, the regulations will open up Angola's mobile money and digital payments markets to more participants.

Angola Telecom, Movicel and Unicel are among the mobile operators in Angola and these could easily expand into mobile money once the new regulations have been passed.

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