How Digital Money Can Make You Financially Aware

Banks are regulated in the UK by the Financial Conduct Authority (FCA) to prevent them from taking on too much risk and to keep them solvent in case of a shock. In contrast, e-money firms are less closely regulated and are more heavily regulated, but have fewer safeguards and capital requirements than banks. However, this does not mean that e-money firms cannot have problems. These firms may face challenges in the future, and it is important to consider your personal circumstances when choosing a firm.

Banks and EMIs have many advantages for small businesses. First, e-money accounts can be used as a means of remittances. It is not a bank account; it is simply a method of receiving and sending money. Electronic Money Institutions (EMIs) provide business banking services, and can offer a more competitive environment for small businesses. In addition to this, Moneyaccounts can be used to transfer funds from one bank to another, which is particularly useful for people who don't have the funds available to open a bank account.

Moreover, digital money can reduce transaction costs and help individuals switch currencies when needed. For example, if you have an e-money account, you can convert it to another currency if you need to. This can also increase your savings. And if you've saved up enough in an e-money account, you can even withdraw it to buy a new one if the need arises. In this way, you can avoid losing your savings in a crisis.

Mobile money can facilitate saving. Kenyan researchers introduced mobile money accounts for women. They encouraged women to use the mobile money for savings, using one-on-one sessions to motivate them. The use of a mobile money account is a very attractive way to build wealth in Africa. It is also easy to manage. It only takes a few minutes to open a mobile money account. There are no transaction fees and merchant acceptance is widespread.

In the United States, the average number of mobile money accounts is 10%. In Africa, the mobile money share is higher than 10% in Sub-Saharan countries. In East Africa, the mobile market started a few years ago, but today it has spread to new parts of the continent. In Senegal and Cote d'Ivoire, the share of adults with a mobile phone has exceeded 30 percent. The adoption of mobile money has led to rapid growth of the service in other regions.

Approximately 515 million adults worldwide currently have a bank account. That is an increase from only 62 percent in 2011 and only a third in 2014. The global market for adult accounts is growing rapidly and will continue to grow through 2025, with more than a billion mobile money accounts. Depending on the type of account, the rate can vary dramatically from 0.25% to more than one percent. With more than two billion mobile users, more than two billion people will have an active bank account by the end of 2018.