Africa Accounts for 70% of the World’s $1 Trillion Mobile Money Market

Although the use of mobile money has become a global phenomenon, African users remain a significant driver.

Transaction values grew fastest in the Middle East and North Africa (49%), sub-Saharan Africa (40%) and Latin America and the Caribbean (39%.)

In the coming years, the GSMA projects growth to come from both long-established mobile money markets and markets where mobile money services are still nascent, especially in South Asia and African countries such as Nigeria, Ethiopia, and Angola.

For instance, in 2021, Ethiopia saw the launch of a mobile network operator (MNO)- led mobile money service, and the Central Bank of Nigeria granted Approval in Principle to leading MNOs to run mobile money services in the country.

“In 2021, as in past years, the vast majority of new active (30-day) accounts were added in Africa and Asia, specifically sub-Saharan Africa, east Asia, and the Pacific. However, the fastest growth by far was in the Middle East and North Africa (MENA) region due to remarkable growth in the Middle East,” GSMA said in the report.

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