How mobile network operators can drive the next wave of financial inclusion in MENA

How mobile network operators can drive the next wave of financial inclusion in MENA

2020 witnessed a huge shift in the payments sector.

The way that we pay for goods and services has rapidly changed to a digital model, bringing convenience and security to consumers. Across the region, the use of contactless payments and e-commerce has grown, indicating an acceptance of digital payments, and a user base that is ready for more innovation and new payment services.

But not everyone has been able to participate in this payment revolution. According to The World Bank, in 2017 there were 1.7 billion unbanked adults worldwide without access to bank accounts or banking services.

Access to banking can greatly improve people's lives by enabling them to save for healthcare or education, to build a business, to manage their financial risk and to get easier access to government payments or pay bills online. All of these factors can create a direct improvement in quality of life and increase economic activity.

Mobile telecommunication companies have played a leading role in bringing many different types of services to consumers. As mobile phones have proliferated and increased in capabilities and features, so has the ability of mobile network operators (MNOs) to create an impact on the way that people access financial services. Today,