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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
  • Report says incentives, not technology, keep cash dominant.
  • Reforms urged to unlock Africa’s digital economy.

 

ACCRA, GHANAAfrica 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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