The mobile phone has entirely changed the story of banking in Africa. Today a cellular phone is an all-purpose bank account, an Automated banking machine (ABM/ATM) and an Electronic funds transfer (EFT) gadget all rolled into one.
In 1998 Africa had less than 2 million mobile phone subscribers. By 2011 and the number had risen to over 500 million cellular phone subscribers making it, according to the International Telecommunications Union (ITU) as the region with "the highest growth of
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