The use of mobile financial services across sub-Saharan Africa has more than tripled over the last six years, a new report by information and communication technology group Ericsson shows.

The latest Consumer & Market Insights report, titled ‘Mobile Financial Services on the Rise’, reveals that nearly half of all consumers in sub-Saharan Africa now use mobile financial services.

“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,” says Ericsson Middle East and Africa VP and digital services head Lucky La Riccia.

“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,” he adds.

The Covid-19 pandemic contributed to the recent uptake of mobile financial services, with 54% of consumers saying that they use mobile financial services transactions more now and 70% saying that they are more positive towards mobile financial services as a preferred contactless alternative to cash.

For 70% of the respondents, faster transactions were listed as the number one factor that would encourage consumers to use mobile money services more often in the near future, while 51% said higher security was the key factor.

“Most non-users are now aware of mobile financial services, with as many as eight in ten saying they are very interested to start using it.”

The report found that communications service providers are the most popular mobile financial services suppliers, with up to 90% of sub-Saharan African mobile financial services users now using the technology through these companies.

Mobile financial services are currently enabling basic financial services such as withdrawals, transfers and the storing of money, as well as advanced services such as microfinance and insurance.

The research, conducted by Ericsson Consumer & Industry Lab in early 2021, surveyed 3 200 consumers across six sub- Saharan African countries, namely Senegal, Angola, Nigeria, Côte d’Ivoire, Ghana and Ethiopia.