Mobile Money market in sub-Saharan Africa could produce an estimated $1.5 billion in fees for mobile-money providers by 2019, a research report released by the Boston Consulting Group (BCG) has revealed.

According to the report, sub-Saharan Africans are looking for more-secure ways to borrow and save money and are open to other financial products delivered using mobile phones, including loans and insurance. Although mobile financial services are emerging all over the world, sub-Saharan Africa’s unique circumstances — a combination of a mostly “unbanked” population and heavy mobile-phone penetration — have turned the region into an early adopter of mobile banking and a test bed for the technology’s potential.

Daily Trust