As a result, the platform was built around an e-wallet that allows for cash deposits and withdrawals, bank account transfers, loan and savings transactions, receiving a salary, and bill payments ranging from electricity to school fees.
According to studies, in 2017, increased access to mobile money reduced poverty in Kenya, particularly among female-headed households.
The impact of mobile money on poverty reduction appears to be the result of improved financial behaviour – by facilitating easier and safer savings – and changes in the occupational choice of users.
More than a third of Senegal’s population is impoverished, with chronic poverty affecting 75% of families. Therefore, to tackle this problem, mobile money service provider, Wave, was launched in 2018 to help Senegalese and other Africans who lack affordable ways to save,…