Written By Angola, a country in southern Africa, has launched a new mobile-money service that is set to revolutionize its financial sector. The service is expected to bring financial inclusion to millions of Angolans who have limited access to traditional banking services.
The new service, called “Móvel Angola,” was launched by Angola’s central bank, the Banco Nacional de Angola (BNA), and is being offered by the country’s two largest mobile operators, Unitel and Movicel. Móvel Angola allows customers to transfer money, pay bills, and make purchases using their mobile phones.
Mobile money has been gaining popularity in Africa, where many people have limited access to traditional banking services. According to the World Bank, only 20% of adults in sub-Saharan Africa have a bank account, while more than 60% have a mobile phone.
Mobile money services have become an important tool for financial inclusion in Africa, allowing people to access financial services without the need for a bank account. In many countries, mobile money has also become a key driver of economic growth, as it enables businesses to expand their customer base and reach new markets.
Angola has been slow to adopt mobile money compared to other African countries, but the launch of Móvel Angola is expected to change that. The service has the potential to transform the way Angolans access financial services and could help drive economic growth in the country.
Mobile money services are also seen as a way to reduce the use of cash, which is costly to produce and distribute and can be vulnerable to theft and fraud. By promoting the use of digital payments, mobile money services can help improve financial security and reduce the risk of financial crime.
The launch of Móvel Angola is a significant step forward for Angola’s financial sector, but there are still challenges to be addressed. One of the biggest challenges is ensuring that the service is accessible to all Angolans, including those in rural areas and those who may not have access to a mobile phone.
To address this challenge, the BNA has set a goal of increasing financial inclusion in Angola to 60% by 2025. This will require significant investment in infrastructure and education, as well as efforts to build trust in digital financial services.
In conclusion, the launch of Móvel Angola is a significant development for Angola’s financial sector and is set to bring financial inclusion to millions of Angolans. While there are still challenges to be addressed, mobile money has the potential to transform the way people access financial services in Angola and could help drive economic growth in the country.
