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A new study by Ericsson says potential customers in sub-Saharan Africa face problems in accessing mobile money services on their own mobile phones

The report stated a lack of awareness and basic prerequisites and low appreciation of the benefits are just some of the issues potential customers are faced with.

The study ‘Financial Services for Everyone’ from Ericsson ConsumerLab, stated more than half of customers in sub-Saharan Africa are using mobile money services through an agent and around 20 per cent use mobile money themselves on a mobile phone.

According to the report, 52 per cent of the total population uses mobile money through agents, who help with registration and transactions such as cash-in and cash-out

The report draws on data from a sample of 6,215 respondents aged 17-59 representing 150mn people across Angola, DR Congo, Ghana, Nigeria and Uganda.

The findings noted 63 per cent of adults in the region are without a bank account. Patrik Hedlund, senior advisor, Ericsson ConsumerLab stated cash is the main way of receiving and making payments as well as saving and borrowing.

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