Sub-Saharan Africa is the most developed market for mobile money, accounting for two-thirds of global mobile money transactions in 2020. There is a huge opportunity to leverage this growing popularity to encourage financial inclusion, with open banking as the driver.
Open banking is a privacy-protected, data-sharing ecosystem, supported by regulators and aimed at creating competition and promoting innovation in financial services. Within an open banking ecosystem, incumbent banks and other financial institutions like digital banks and telco mobile money providers exchange consumer data with other financial services providers or third-party providers like fintechs. The data sharing takes place within a tightly regulated privacy framework centered on consumer consent.
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