Across Africa, mobile money transactions have become the primary tool for access to financial services. With the reducing cost of mobile devices and increasing internet penetration, Africa’s young demographic has become mobile-driven. According to GSMA’s 2021 State of the Industry Report on Mobile Money, two-thirds of mobile money transactions worldwide were by users in sub-Saharan Africa (SSA), with a transaction value of $490 billion.
Mobile money service transfers money between mobile devices enabling users to receive, send and withdraw money without going to a bank. This form of financial transaction has driven financial inclusion in Africa, giving millions access to pay for goods and services, send and receive remittances, transfer money to friends and family etc., with the use of mobile.
Every day, many people use mobile money transactions without knowing the details about the APIs that power these services. API stands for Application Programming Interface, a set of definitions and protocols for building and integrating application software. This set of definitions and protocols allows for the secure transmission of information. APIs let your product or service communicate with other products and services.
APIs are highly sought after in the mobile money financial marketplace as customers demand more immediate and seamless payment, and transfer options and Fintechs are using them to deliver better products.