Mozambique: Fintech revolution sparks hope amid job scarcity.

1 min read

The rise of mobile fintech in Mozambique is providing an alternative source of income for the country’s unemployed youth, who are turning to selling financial services via mobile phones. Around a third of Mozambique’s 9.4 million young people are jobless, without schooling or vocational training. Mobile fintech agents, such as Jorge Pinto and José Sebastião, are able to earn a living by taking commissions from each transaction requested by customers. However, the growing popularity of mobile financial services also brings new challenges, such as scams and robberies. Mozambique currently has three Electronic Money Institutions (EMIs) owned by mobile operators Tmcel, Vodacom, and Movitel.

Previous Story

Commerzbank and Deutsche Bank revive merger discussions: report.

Next Story

California school finance: Déjà vu deficit, tackling structural problems head-on.

Latest from News