By Alex Chiejina
Cara Malone, a co-author of the research, said: "Vendors must effectively adopt advanced MFS or they will be overtaken by growing competition. The most effective way to do this is by trying something new, such as using the operator's own data to provide alternative credit rating, which opens a lot more lending prospects.”
In order to effectively retain clients and stave off escalating competition, the research encouraged mobile money companies to use data analytics, noting that vendors can provide end users more specialised services by getting significant data into consumer behaviour and preferences.
A more individualised solution is made possible by combining this data with fresh third-party services via PaaP, which boosts customer satisfaction and revenue, the report further stated.
In 2021, the total value of the mobile money market stood at $555 billion. The total value of mobile money transactions in emerging markets is expected to exceed $870 billion in 2026, representing growth of almost 60 percent, according to latest reports.
Mobile money growth is however driven by the transition of mobile money vendors, such as M-PESA, to the PaaP (Payments-as-a-Platform) model which enables mobile money vendors to offer their users access to third-party services such as eCommerce; creating additional revenue streams.
In order to effectively retain clients and stave off escalating competition, the research encouraged mobile money companies to use data analytics. Vendors can provide end users more specialised services by getting significant data into consumer behaviour and preferences.
A more individualised solution is made possible by combining this data with fresh third-party services via PaaP, which boosts customer satisfaction and revenue, the report stated.
- Africa most active in doubling global mobile money account
- Africa had $836.5bn mobile money transactions in 2022
Cara Malone, a co-author of the research, said: "Vendors must effectively adopt advanced MFS or they will be overtaken by growing competition. The most effective way to do this is by trying something new, such as using the operator's own data to provide alternative credit rating, which opens a lot more lending prospects.”
In order to effectively retain clients and stave off escalating competition, the research encouraged mobile money companies to use data analytics, noting that vendors can provide end users more specialised services by getting significant data into consumer behaviour and preferences.
A more individualised solution is made possible by combining this data with fresh third-party services via PaaP, which boosts customer satisfaction and revenue, the report further stated.
In 2021, the total value of the mobile money market stood at $555 billion. The total value of mobile money transactions in emerging markets is expected to exceed $870 billion in 2026, representing growth of almost 60 percent, according to latest reports.
Mobile money growth is however driven by the transition of mobile money vendors, such as M-PESA, to the PaaP (Payments-as-a-Platform) model which enables mobile money vendors to offer their users access to third-party services such as eCommerce; creating additional revenue streams.
In order to effectively retain clients and stave off escalating competition, the research encouraged mobile money companies to use data analytics. Vendors can provide end users more specialised services by getting significant data into consumer behaviour and preferences.
A more individualised solution is made possible by combining this data with fresh third-party services via PaaP, which boosts customer satisfaction and revenue, the report stated.