Africell and the U.S. Government
Agency for International Development (USAID) have partnered to increase financial
inclusion in Angola by accelerating the growth of mobile money.
The almost $5 million initiative
will see Afrimoney (Africell’s mobile money platform) and USAID extend mobile
money tools and services to under-served populations in Angola, including
women, people in rural areas and those otherwise excluded from mainstream
financial institutions.
According to the GSMA’s Mobile Money
Prevalence Index, Angola’s mobile money sector has significant growth
potential. The Afrimoney-USAID partnership – titled ‘Dinheiro Digital é Melhor’
(translating as ‘Mobile Money is Better’) – will close the gap by recruiting
agents, fuelling a merchant ecosystem, and promoting digital and financial
literacy through targeted educational campaigns.
Speaking at the partnership’s launch,
U.S. Ambassador to Angola Tulinabo S.
Mushingi highlighted the opportunities presented by mobile money.
“Digital financial tools and mobile money have emerged as
powerful enablers, breaking down barriers and reaching those previously
excluded from the formal financial system”, he said. “This revolution in the
way we access and use financial services has yet to fully come to Angola;
however, by teaming up with USAID, Africell and Afrimoney are well positioned
to change this”.
The development impact of mobile
money is proven. Mobile money connects unbanked populations into mainstream
financial systems, allowing people to spend, save, earn and transfer safely and
efficiently even if they don’t have bank accounts. 58.6% of Angolan men and
41.4% of Angola women have access to formal financial institutions. The
expansion of mobile money will therefore be particularly beneficial to women,
the majority of whom currently rely on cash transactions.
“Mobile money in Angola is at an inflection point”, says Goncalo Farias, Chairman of
Afrimoney Angola. “It has huge potential
to make both a social and economic impact, but serious investment is needed.
Our partnership with USAID will boost mobile money in Angola by allowing us to
enlist more agents, engage more actively with consumers, and build a culture of
trust around digital payments. We are grateful to the Government of Angola for
creating conditions in which this work is possible”.
Africell is the only US-owned mobile
network operator in Africa. The Africell-USAID partnership is connected to the
US Government’s Partnership for Global Infrastructure and Investment (PGII), a
wide-ranging campaign led by The White House to mobilise private sector
investment in emerging markets.
One PGII focus area is the ‘Lobito
Corridor’ encompassing Angola, Democratic Republic of Congo (DRC) and Zambia.
Africell already operates in Angola and DRC, and the collaborative effort by
Afrimoney and USAID to advance digital and financial development in Angola represents
clear progress for the PGII.