The Citi Business Festival on-air series featured Rufai Abdul Majid, the Head of Commercial, MobileMoney Ltd., who spoke about Understanding the Mobile Finance Ecosystem.
“Virtually the ecosystem has become, everything you do with cash, you can do with mobile money and more,” Mr. Majid said on the show.
He believes the mobile finance ecosystem is currently being underestimated and emphasised the importance of the government working to make the most of the sector.
“The government is the biggest spender, so if we can have the government promoting the services that are available online actively, then we know it can get a lot better, and it can grow a lot bigger,” Mr. Majid said.
He noted that the government has, however, taken steps in the right direction, with the Payment System and Services Act.
Mr. Majid also cited the government’s attempts to bring government services online.
He however urged it to expand the reach of the Mobile Finance Ecosystem to other sectors of the society.
“There is virtually nothing that can’t be done without digital financial services today. You can digitise insurance, you can digitise pensions, you can digitise the health sector,” he said.
Click below to listen to the interview: