Spotify is turning to telecom companies to extend its reach to a billion customers in Africa in a continent where people are more likely to have a mobile phone than a bank account
JOHANNESBURG/STOCKHOLM, Oct 15 - Africa, with its internationally recognised musical talent - and growing mobile phone use - is central to Swedish music streamer Spotify'sAs African artists such as Nigeria's Burna Boy and South Africa's Black Coffee are streamed across the world, the continent was seen as an obvious choice and is the home to more than a third of the company's 85 new markets.
Phiona Okumu, Spotify's head of music for Sub-Saharan Africa, told Reuters the company secured "alternative payment methods", namely M-Pesa, when it moved into Kenya in February., M-Pesa is used to send money, save, borrow and make payments for goods and services. Costs associated with opening bank accounts, the distance to financial institutions and the difficulty in meeting "Know Your Customers" requirements because of inadequate proof of"The past few years have seen an emphasis on shifting towards expansion of innovative banking services through mobile technology to capture lower income segments and the unbanked," a spokesperson for South Africa's Absa bankA trader is reflected in a computer screen displaying the Spotify brand...
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