NAIROBI, Kenya—Africa now accounts for 70% of the world’s $1-trillion mobile money value.
The value of Africa’s mobile money transactions edged up 39% to $701.4 billion in 2021 from $495 billion in 2020, highlighting the future of African banking is mobile, Quartz Africa said.
These GSM Association figures show the volume of mobile money transactions jumped 23% to 36.7 billion in 2021 from 27.5 billion in 2020, Quartz Africa reported.
In the review period, registered mobile wallets in Africa topped 621 million, a 17% increase from 562 million captured in 2020. There are now over 184 million active mobile money wallets on the continent compared to 161 million accounts just one year prior, according to the report.
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