A South African telecoms firm has seen a rise in mobile-money payments across its 16 African markets
of mobile money is one that turns during crises. In Kenya in 2008, violence broke out after a disputed election the year before. As supporters of the rival candidates clashed on the streets, ordinary folk were afraid to go out. Many started sending money to each other by phone using a newfangled service called-Pesa is the most celebrated mobile-money service in the world. It processes 11bn transactions a year and has spawned imitators across Africa and farther afield.
The data do not show what caused the spike. Maybe Rwandans switched to digital payments because restrictions on movement made it hard to use cash; perhaps they were sending help to loved ones in need. A third explanation is that official policy changed. Just before the lockdown, the central bank told telecoms companies to eliminate charges on all mobile-money transfers for a three-month period. It also raised transaction limits.
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