Africa accounts for almost half (560 million) of registered global mobile money wallets (1.2 billion).
This was revealed in a recent GSMA report reveals which also stated that “Sub-Saharan Africa has been at the forefront of the mobile money industry for over a decade, and in 2020 continued to account for the majority of growth.”
The report notes that convenience, security and trust are fuelling the seismic wave of mobile transactions together with the pervasive penetration of affordable mobile feature phones on the continent.
Cash used to be king in Africa but handling and banking money has become riskier, which is why traders, entrepreneurs and consumers alike are going mobile.
Analysts say that by 2025 the African mobile market is expected to have 850 million customers who drive $2.5 trillion to $3 trillion in transaction volumes annually.
A key driver in the surge of mobile payments is the increasing affordability of mobile phones in Africa. A case in point is the Transsion brand TECNO mobile which has dislodged Samsung to become the top handset seller in Africa in 2020.
According to Counterpoint research, Itel, a Transsion brand commands 23% of the global phone shipments market share.
Itel has been lauded for keeping the costs of its latest devices costs down and by understanding the need of Africa’s youth population to have access to affordable phones that offer the same features as higher-end flagship models.
The new Itel Vision 1 Pro smartphone is one such device in the Vision-series priced at R1,699.00 in South Africa.
Itel was ranked at position number 21 amongst the 2021 Top most admired brands in Africa in the pan-African business magazine African Business.
The Itel Vision 1 Pro smartphone was made with 2.5D Glass Cover technology, that offers a broader view with an incredible 6.5’’ HD+ Waterdrop FullScreen. This delivers bigger, brighter, and more vivid color on the itel Vision1 Pro.
Thanks to its 2GB RAM and 1.4GHz Quad-core processor, the Vision 1 Pro can run multiple apps with ease. With 32GB ROM, users have enough storage for all their favourite apps, videos, pictures and music.
They can also use the security features on the smartphone to protect themselves and their money.
In South Africa, smartphone penetration reached 91.2% in 2019, up from 81.7% in 2018. Mobile phones are an indispensable part of people’s lives. Research shows that most people spend about five hours on their mobiles daily.