About 15 years ago, mobile payment was already gaining acceptance. If you look at data, credit and debit cards form a very small percentage of financial transactions. Where does the transaction happen? Much of the transactions happen via mobile money.
Mobile phone penetration is growing very fast across Africa. In some places, it is up to 90 per cent. What that does is to give an average person power to transform the economy. What that means is that they will not depend on any other physical infrastructure besides a mobile network and phone to participate in the economy. That means he has the ability to hold money and receive money.
There are lots of businesses, including Cellulant, working behind the scenes to change the cash culture. The regulator is also regularly reviewing the rules to support the industry. Over time, the cash culture will reduce and more of the unbanked will increasingly see the need to embrace change. In my previous life, I was an investment banker. I also built a technology business along with its founder across Africa. I have strong financial promotion experience, a deep understanding of Africa and know how fintech works. I understand how different countries react to the same message and how different people receive a message. These are important for building a successful business.