Having a bank account is no longer essential for making payments.
Combining information technology and microfinance services, the electronic wallet offers numerous advantages.
This system enables individuals without a bank account to transfer money, make payments, withdraw or store cash online using their mobile phones.
In a way, the phone number serves as the account number.
Mobile money payments emerged in Kenya in 2007 with M-Pesa, a service offered by Vodafone.
As a genuine technological revolution for Africa, mobile money has rapidly expanded.
By 2018, there were over 340 million accounts and 135 electronic wallet services, at a time when only one in five Africans had a bank account.
The two Togolese operators, Togocom and Moov Africa, quickly recognized the significant potential of mobile money. It became an evident driver of growth.
The first developed the T Money service, while the second introduced Flooz.
Abdellah Tabhiret, the CEO of Moov Africa Togo (part of Maroc Telecoms/Etisalat), intends to expand these services to enhance inclusion.
The operator plans to establish numerous small retail points where subscribers can deposit or withdraw money, even in the most remote areas.
"We need retail points. Without them, it's an illusion to think we are engaging in mobile money," he stated.
These openings can be achieved through partnerships with businesses in exchange for attractive commissions.
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