Popularity Of Banking Apps In South Africa

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Studies have shown that in even the poorest 20%of the Sub-Saharan population report having at least one phone in their household. 

In 2002, only one tenth of the populations of Tanzania, Uganda, Kenya and Ghana owned a mobile phone, according to Pew Research Center which conducted a survey of over 7000 Africans in Nigeria, Kenya, Tanzania, Ghana, Uganda and South Africa. Today those figures have expanded to more than 65% in each of these countries. 

Teresa Clarke, the chief executive officer of Africa.com, a news website, says, “The cell phone is their landline, ATM and email in one device. Cell phones are central to life.” 

South Africa has one of the highest mobile penetrations in the world with 87% individual mobile phone ownership. 

Popular uses of mobile devices range from accessing social networks, to sending text messages, to taking pictures and creating videos. Another popular use is for mobile banking. 

In South Africa, mobile penetration has been quite extensive, with more individuals using their mobile devices in a range of ways. A popular way for using smart devices is for banking, which is why more South African financial institutions have had to improve their service offering in terms of banking apps offered. 

Research has shown that South Africans are most likely to prefer to use a mobile banking app to access their banking services. 

Furthermore, a study has shown that the most popular method for South African customers to contact their bank is via a mobile app. Customers have also generally been shown to want their problem to be resolved on the first point of contact. 

More on the popularity of banking apps in South Africa: 

Virtual financial advisors are highly favoured by South Africans. 

Mobile is becoming an increasingly popular channel to interact with banks in South Africa.  

The best banking apps in South Africa should ideally provide a lot of what can be done in a branch to customers’ mobile devices.  

As the popularity of banking apps in South Africa rises, more financial institutions are expected to meet and exceed the demand by providing unique solutions. 

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