CAPE TOWN, Africa—Mobile money services are growing faster than anticipated worldwide, particularly in Africa, a new report reveals.
According to the GSMA's annual State of the Industry Report on Mobile Money 2023, the rates of adoption are even quicker than expected, with the number of registered mobile money accounts growing by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022, Business Insider stated in its analysis.
“Mobile money has become an increasingly popular way to access financial services in Africa due to the continent's high mobile phone penetration,” stated Business Insider. “In 2022, daily transactions via mobile money in Africa reached $3.45 billion, exceeding the $3 billion amount predicted in 2021. The total transaction value for mobile money grew by an impressive 22% between 2021 and 2022, from $1 trillion to around $1.26 trillion.”
More Work Required
Despite the growth, the GSMA Mobile Money report shows more work is still required to help give underserved communities access to safe, secure, and affordable financial services.
The 2023 report shows there are now 315 live mobile money deployments across the globe, with peer-to-peer (P2P) transfers and cash-in/cash-out transactions still among the most popular use cases. Bill payments using mobile money grew by 36% year-on-year – faster than any other use case – and the industry continues to focus on use case diversification, playing an important role in digitizing economies.
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