TIDMVOD
Vodafone Group Plc
27 October 2022
27 October 2022
NEW RESEARCH SHOWS MOBILE FINANCE CAN INCREASE NATIONAL GDP
MWC, Africa, Kigali - 27 October 2022 - New research from
Vodafone Group, Vodacom Group, Safaricom, and the United Nations
Development Programme (UNDP) indicates that the successful
deployment and adoption of mobile financial services is associated
with a positive impact on GDP growth in developing markets as it
helps businesses to reduce cost, access credit to invest, and to
connect with consumers that were previously excluded from financial
services.
The econometric modelling research(1) - which examined 49
countries in Africa, Asia, and Latin America - found that countries
with successful mobile money services had an annual GDP per capita
growth rate up to 1 percentage point higher than countries where
mobile money platforms had not been successful or not
introduced.
Based on previous World Bank research on the relationship
between economic growth and reductions in the number of people
living in poverty(2) , this GDP per capita growth implies that
countries with successful mobile money adoption could reduce
poverty by around 2.6%.
The analysis was conducted as part of the companies'
Africa.Connected campaign, an initiative to drive sustainable
development through collaboration and help close the divides that
prevent progress in Africa's key economic sectors. The findings are
part of a new research paper, Digital Finance Platforms to Empower
All, the fourth research paper developed and released under the
Africa.Connected umbrella.
Sitoyo Lopokoiyit, CEO of M-Pesa Africa and Chief Financial
Services Officer at Safaricom, said:
"Mobile financial services platforms like M-Pesa are vital
drivers of financial inclusion in society which can improve
individual life chances and enable enterprises to launch and
expand, bringing wealth and jobs into developing economies. There
remains though barriers both to accessing platforms - including
digital literacy and smartphone accessibility - and to developing
them - with an un-level regulatory playing field for
non-traditional financial services providers in many
countries."
As part of the Africa.Connected research, consumer surveys were
conducted focusing on users of M-Pesa in Kenya and Tanzania, and
results were extrapolated to Ghana and Mozambique. A business
survey was also conducted in Kenya. The resulting research
underpinned the continuing importance of the world's first mobile
money service 15 years after it launched in 2007. The researchers
estimated that:
-- 17.6 million current users in the four countries did not have
access to any formal financial services before using M-Pesa;
-- 98% of businesses surveyed said that M-Pesa helps them to do
business, with the main benefits of M-Pesa being its facilitation
of faster and safer payments and enabling the sale of goods and
services online; and
-- 95% of businesses surveyed indicated that they use M-Pesa for at least half of their business transactions.
Ulrika Modeer, UN Assistant Secretary-General and Director of
the Bureau of External Relations and Advocacy at UNDP, said:
"Financial inclusion is both a pre-condition and a key enabler
for meeting many of the UN's Sustainable Development Goals,
including reducing poverty, boosting economic growth, promoting
market access and championing investment in key sectors like
education, agriculture, and healthcare. But more importantly, it is
about putting people at the center, empowering them with more
agency over their money and increasing their resilience.
Eliminating financial exclusion in Africa, and across the globe,
must be a priority if we are to deliver on inclusive, sustainable
prosperity for all on a healthy planet."
Click here to read the full Africa.connected financial inclusion
paper:
https://www.vodafone.com/sites/default/files/2022-10/digital-finance-platforms-to-empower-all.pdf
- ends -
Notes to Editors
1.The econometric model made use of data covering the period 2003 - 2019. More recent data
was not included in the modelling due to the effects of the pandemic.
2. Adams, 2003, Economic Growth, Inequality, and Poverty: Findings from a New Data Set. World
Bank. Available online: https://elibrary.worldbank.org/doi/abs/10.1596/1813-9450-2972
For further information:
Vodafone Group
Media Relations Investor Relations
GroupMedia@vodafone.com IR@vodafone.co.uk
About Vodafone
Unique in its scale as the largest pan-European and African
technology communications company, Vodafone transforms the way we
live and work through its innovation, technology, connectivity,
platforms, products and services.
Vodafone operates mobile and fixed networks in 21 countries, and
partners with mobile networks in 47 more. As of 30 June 2022, we
had over 300m mobile customers, more than 28m fixed broadband
customers and 22m TV customers. Vodafone is a world leader in the
Internet of Things (IoT), connecting around 160m devices and
platforms.
We have revolutionised fintech in Africa through M-Pesa, which
celebrates its 15(th) anniversary in 2022. It is the region's
largest fintech platform, providing access to financial services
for more than 50m people in a secure, affordable and convenient
way.
Our purpose is to connect for a better future by using
technology to improve lives, digitalise critical sectors and enable
inclusive and sustainable digital societies.
We are committed to reducing our environmental impact to reach
net zero emissions across our full value chain by 2040, while
helping our customers reduce their own carbon emissions by 350m
tonnes by 2030. We are driving action to reduce device waste and
achieve our target to reuse, resell or recycle 100% of our network
waste.
We believe in the power of connectivity and digital services to
improve society and economies, partnering with governments to
digitalise healthcare, education and agriculture and create
cleaner, safer cities. Our products and services support the
digitalisation of businesses, particularly small and medium
enterprises (SMEs).
Our inclusion for all strategy seeks to ensure no-one is left
behind through access to connectivity, digital skills and creating
relevant products and services such as access to education,
healthcare and finance. We are also committed to developing a
diverse and inclusive workforce that reflects the customers and
societies we serve.
For more information, please visit www.vodafone.com , follow us
on Twitter at @VodafoneGroup or connect with us on LinkedIn at
www.linkedin.com/company/vodafone .
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