A major new Ericsson Consumer and Market Insight report titled “Mobile Financial Services on the Rise” reveals that nearly half of all consumers in Sub-Saharan Africa use mobile financial services in 2021 – a more-than three-fold increase in the last six years.

The Mobile Financial Services on the Rise report also highlights the impact of the Covid 19 pandemic on mobile financial services uptake, with 54 percent of consumers saying that they use mobile financial services transactions more now. About 70 percent are more positive towards mobile financial services as a preferred contactless alternate to cash. The report research was conducted by Ericsson Consumer & IndustryLab in early 2021. It surveyed 3,200 consumers across six Sub-Saharan African countries – Senegal, Angola, Nigeria, Ivory Coast, Ghana, and Ethiopia – to assess the growth of mobile financial services in light of technology and infrastructure gains across the region, as well as the Covid-19 pandemic impact on financial behaviour.

Lucky La Riccia, Vice President and Head of Digital Services, Ericsson Middle East and Africa, says: “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.”

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

The Ericsson Wallet Platform is already used by numerous  communication service providers (CSPs) worldwide to serve nearly 300 million registered users. Ericsson’s Wallet Platform provides secure, reliable, and flexible platforms that help build an interconnected and transparent financial ecosystem, supporting CSPs and countries in the region to fulfil economic growth.