First, money in Africa or economic welfare of each individual in Africa is different people who can afford to get a maximum of $10.000 below always do not have bank accounts but it doesn't mean they lack but always not usually used but not like the other other parts of the world where even $1.000 is kept in the bank every thing concerning finances.
Due to lack of financial banks in rural areas in Africa has resulted to growth of new technology which is assisted by communication companies. In African communities money is kept in a mobile money account which is hosted by a sim card and protected by deposit protection bodies monitored by the government central bank.
Mobile money withdrawal agents are spread over different parts of the areas and the money is withdrawn by a phone without even a mobile network and the money is got by failing USSD codes and the customer verifies with a a secret mobile account pin after confirming by an agent the money is paid straight a way to the customer the process takes less time just 2 minutes and the account can support UpTo maximum of $5000 and $2000 per transaction but higher according to different companies and countries who offer the service.
The mobile money account hosted on a single sim card can pay bails, taxes, pay child's school fees with very low taxes charged per transaction e.g withdrawing $60 you can be charged less than $1 this type of service has kept millions of people with a verage income in Africa out of the bank services and because of the kind of services, mobile money serves to the public it's very easy to access the agents who are spread across a very parts of each towns and rural areas, the low tax rate and favourable terms and conditions of using mobile money services and because it's portable to carry your own phone which also acts as a bank card you can withdraw, deposit,send and pay bills instantly anywhere, anytime on your mobile phone. The best example is Mpesa mobile services in Kenya.
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