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How Cell Phones and Banking Accelerate African Opportunity and Growth by Vijay Mahajan

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Finance and communications are the foundations for successful markets. The rapid growth of cell phones and banking across Africa is not only an indication of the success of these industries but also creates a platform for further growth. This can clearly be seen in the many small businesses that have been established by placing a cell phone and a microloan in the hands of industrious entrepreneurs. The growth of these two industries across Africa can help to propel further growth.

Cell Phones

Consumers want to communicate—to connect with dispersed family members, build their businesses, or sell their crops. There are now more than 130 million Africans with cell phone subscriptions, and it is the fastest growing mobile phone market in the world. ...

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