In a recent survey 500 of small businesses across the US and UK, BCSG found that mobile & online banking has overtaken branches as the channel of choice for SMEs to receive financial services. However, although there is still a considerable demand for business financial management (BFM) tools in the SME space (especially for bookkeeping, expense management & business planning), only about 30% of those surveyed actually had a software solution in place.
Mobile money services (MMS) are spreading rapidly across much of Africa, Asia, Latin America and the Middle East, reaching over 60% of the world’s developing countries. The number of registered mobile money accounts has grown to just under 300 million globally in 2014. As this represents only 8% of mobile connections in markets where MMS are available, there is significant potential for future growth.