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Africa won the mobile money race. Why is cash still winning?

A Nigerian teenager with his phone. Photo by Muhammad-Taha Ibrahim @ Unsplash
A Nigerian teenager with his phone. Photo by Muhammad-Taha Ibrahim @ Unsplash

Kent Mensah

Kent Mensah is a seasoned Ghanaian journalist with a two-decade career spanning global media networks.
  • Report says incentives, not technology, keep cash dominant.
  • Reforms urged to unlock Africa’s digital economy.

 

ACCRA, GHANA – Africa has built the world’s largest mobile money ecosystem, yet cash remains king, costing the continent billions of dollars in lost investment, tax revenue and economic growth, according to a new report.

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