A new consumer and market insight report by Ericsson, a tech giant listed on the Nasdaq Stockholm and Nasdaq New York, says there is a significant growth in the number of those who use mobile financial services across Sub Saharan Africa over the past six years.

The report titled “Mobile Financial Services on the Rise,” based on a survey of 3,200 consumers highlighted said 70% listed quicker transaction time as the biggest factor that can encourage them to use mobile money services more often in the near future.  

These respondents are more positive towards mobile financial services as a preferred contactless alternate to cash, according to the research conducted by Ericsson Consumer & Industry Lab in early this year, which also highlighted the impact of the Covid 19 pandemic on mobile financial services uptake, with 54% of consumers saying that they use mobile financial services transactions more now.

The survey conducted across Senegal, Angola, Nigeria, Ivory Coast, Ghana, and Ethiopia, also revealed 51% of the respondents as highlighting the issue of higher security of transactions as a determinant. Importantly also, the survey showed that most non-users are now aware of mobile financial services, with as many as 8-in-10 saying they are very interested to start using them.

According to a statement by Ericsson, the survey was to assess the growth of mobile financial services in the light of technology and infrastructure gains across the region, as well as the Covid-19 pandemic impact on financial behaviour.

“This new research underlines the significant empowering role that mobile financial services play in Sub-Saharan Africa, both in combating the impact of the pandemic and in fuelling economic development across Africa through the transformational potential of expanded and affordable access to financial solutions,” the statement quoted Lucky La Riccia, Vice President and Head of Digital Services, Ericsson Middle East and Africa, as saying.

“Our aim is to support the digitalization of Africa through technologies such as mobile broadband. Ericsson’s mobile financial solutions support this aim as we accelerate financial inclusion,” the statement added.

Ericsson noted that its mobile financial solutions are aimed at making management of financials as easy as sending a text so that banking can be conveniently brought to billions worldwide, noting that mobile financial services are currently enabling basic financial services. These include withdrawal, transfer, storing money, as well as advanced services such as microfinance and insurance.