Solutions for the cash to digital convergence

"Mobile money, while undoubtedly achieving impressive growth across Africa, is really still in its infancy," says Monadjem.

"Unfortunately, many of the statistics surrounding the number of mobile money transactions taking place in countries like Kenya are misleading. We need to continue to build on the gains in digital money with an appreciation of the realities of these markets."

Monadjem will explore the state of Africa's emerging economies, investigating and debunking some of the myths and hype around mobile money at AfricaCom 2014, taking place at the Cape Town International Convention Centre on 11-13 November.

Mobile solutions of tomorrow

He believes that there is still a lot of work to be done to create true financial inclusion, and that innovative cash-based solutions need to be put in place today while the mobile solutions of tomorrow are developed and refined.

"Cash is still king in most informal markets, but technology - mobile and cloud - can unlock essential services for under-served people, create new revenue streams for informal entrepreneurs and business owners, and help large service providers reach consumers in even the most rural of areas."