Mobile phone ownership within the African market is poised to reach 346 million by 2017. This growth has far-exceeded traditional landline phone connections. Studies have shown that in even the poorest 20%of the Sub-Saharan population report having at least one phone in their household.
According to the Pew Research Center, “Ownership is especially high in South Africa and Nigeria, where about nine-in-ten have a cell phone.”
Popular uses of mobile devices range from accessing social networks, to sending text messages, to taking pictures and creating videos. Another popular use is for cell phone banking.
What are the Pros of cell phone banking?
Cell phone banking is designed for different mobile platforms, including Android, Windows phone and many others. This means that it’s quite easily accessible.
Using cell phone banking allows users to make payments directly from their devices.
It allows you to check card balances and to receive notifications.
Using cell phone banking allows you to save time, because you can carry out transactions at any time that is most convenient for you. You can enjoy banking on-the-go instead of having to deal with the stress of having to visit a branch.
Some of the information is not shown in full (the full account number of the client), which can contribute to an increased level of security.
Linking your account to your device can help to prevent unauthorised access to your financial information. Cell phone banking allows you to get notifications on any movement on your bank account.
It becomes easy to access accounts and to keep track of your finances.
Cons associated with cell phone banking:
If you have an out-of-date version of an application, you become more vulnerable to attacks.
If you lose your cell phone, you run the risk of having your personal cell phone banking information used.