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CONSUMERS struggling with coronavirus (Covid-19) pandemic shut-downs and restrictions across sub-Saharan Africa have found a new place to get cash to make ends meet: their cellphones.
Financial Derivatives Company (FDC) Limited, which made this revelation in its monthly bulletin, noted that the coronavirus pandemic has supercharged growth of mobile money and credit on the continent.
African consumers have long been paying each other for goods and services on cellphones, making them among the earliest adopters of mobile money services in the world, the firm stated.
Government shutdowns restricted workers especially those in the informal sector so prevalent across Africa from moving around and sending physical cash home.