The top 5 banking news stories in emerging markets this week.
1 – Mobile money transfers surge
The revolution spurred by mobile money transfer is in sharp contrast to a country teetering on the brink of collapse after inflation ravaged Zimbabwe’s currency. >>
2 – GTEasySavers: GTB targets 55m unbanked via Etisalat
In line with the Central Bank of Nigeria’s financial inclusion policy, Guaranty Trust Bank yesterday disclosed that it is partnering Etisalat Nigeria to reach 55 million adults who are yet to be banked. >>
3 – Unbanked and under-banked consumers are potential profitable segment for banks
According to Timetric’s Analyst, Amit Verma: “About two billion people across the world lack a bank account and more than one billion in the developing countries still use cash to pay their bills. Poverty, illiteracy, irregular income and complexities involved in opening a bank account compel them to depend upon alternative financial service providers. >>
4 – How long before transactional banking is dead in Africa?
The mobile money revolution that has encapsulated sub-Saharan Africa over the last decade is expected to disrupt the region’s financial sector further by totally wiping out brick and mortar transactional banking. >>
5 – Banks look to Apple Pay as gamechanger
Banks here are waiting on Apple Pay. If it comes to Singapore – now the second-most active contactless payment market in the world, according to Visa – Apple’s contactless payment scheme would change the way consumers spend, and make payments. >>