Africell has launched its mobile financial services in Angola, bringing essential financial tools to around 50% of the country's unbanked population. Afrimoney, the mobile money platform backed by Angola's newest mobile network operator, will allow users to transact digitally with other individuals and organizations on the network, allowing them to transfer, spend and earn instantly via their mobile phones.
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Scope for Angola's Mobile Money Industry
According to the statement, Angola's mobile money industry has more scope for growth than most countries in sub-Saharan Africa. Angola has a relatively strong economy and a mature banking system, yet according to the GSMA, it has a "very low" mobile money prevalence. This limits mobile money adoption, activity, and accessibility in the country, leaving a large portion of the population disconnected from the formal economy.
Africell Network Operations
Africell started mobile network services in Angola in April 2022, and the launch of Afrimoney only a year later is a significant milestone for the country's digital development. Afrimoney already operates in DRC, Sierra Leone and The Gambia. Africell is the only US-owned network operator in Africa, with the US Development Finance Corporation being its largest external investor.
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National Bank of Angola and Africell Collaboration
Africell's arrival in Angola has already shaken up the mobile sector by reducing prices and improving network standards. The integration of a high-quality mobile money service directly with a major network operator will accelerate this broader reform program, cutting the gap between Angola and other African countries with more established mobile money sectors. The National Bank of Angola (BNA) has collaborated closely with Africell during the launch of Afrimoney.
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New User Benefits
Africell Angola is offering new Afrimoney customers free person-to-person transactions and a 100% bonus on all mobile recharges paid for using mobile money. In the future, the Afrimoney platform plans to incorporate financial services such as credit, savings, and insurance.
The launch of Afrimoney represents a success for Angola's government, which is pursuing a long-term economic strategy focused on digital services and technology. With plans to expand financial services on the Afrimoney platform, the launch of the service has the potential to drive mobile money adoption and improve financial inclusion for many Angolans.
