On top of this, the trend towards more capital market-based financing in Europe – supported by the new initiative on Capital Markets Union – will inevitably weaken banks’ market power, especially for firms that can easily substitute bank and market finance.
Active mobile money accounts has jumped from in 345,434 in 2010 to over 13 million subscribers with value of transactions of about ¢ billion in 2018. 10. Distinguished Ladies and Gentlemen, in spite of the digital revolution and rising use of electronic payments and digital currencies, we continue to see cash dominating transactions across several of our countries within the Sub-Saharan African region.