The covid-19 crisis is boosting mobile money
- Date: 29-May-2020
- Source: The Economist
- Sector:Technology
- Country:Middle East
The covid-19 crisis is boosting mobile money
In Rwanda, transactions rose fivefold during a lockdown. of mobile money is one that turns during crises.. It processes 11bn transactions a year and has spawned imitators across Africa and farther afield.. Just before the lockdown, the central bank told telecoms companies to eliminate charges on all mobile-money transfers for a three-month period.. The transactions have gone up but I think we have been earning less money," says Raghunath Mandava, the boss of Airtel Africa, another mobile-phone company.. In Kenya, where mobile money is well established, the central bank reports a 10% rise in the number of daily transactions but a 5% fall in their total value..