A new research report titled, ‘The Dynamic African Consumer Wallet’ has revealed that over 66% of Africa’s economy is still informal despite growing penetration of technology in the continent.
The report which was jointly presented by Kamande Wambui, mSurvey’s Head of Data Science and Wangari Kiai, Head of Market Research and Consumer Insights, Safaricom at the just concluded Africa Market Research Association, shows that research as a service is an emerging trend in telcos across the world.
In Keny for instance, the report states that there are active mobile subscriptions of 46.6 million, 29.7 million active mobile money subscribers with mobile commerce transactions of 526.9 million. This shows that the mobile penetration in Kenya alone at about 100.1%.
The survey shows that with Consumer Wallet businesses are able to see in real time, where, when, and how consumers in emerging markets are spending their growing incomes providing a first-ever look into this unique consumer spending journey.
Consumer Wallet seeks to help businesses understand their customers better by giving them access to live consumer insights to develop products and services that appeal to the mass market consumers.
The report also identified growing interest in sports betting amongst youth in Kenya as one of the factors for consumer wallet spend.
The Africa Forum 2019 took place recently at the Federal Palace Hotel, Lagos Nigeria.
mSurvey in collaboration with Safaricom are mapping out Africa’s cash economy through daily survey conversations with people located across Kenya to give you a first-ever look into Kenyan’s spending over time. As more Africa country embrace eWallet, the study of consumer behaviour and preference will also improve in the continent.