The Year Of Mobile Money In Africa

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The Year Of Mobile Money In Africa



As the global coronavirus pandemic forced governments to put their countries into lockdown, it provided an unintentional stimulus to a newer form of transaction: mobile money.

Without the usual forms of retail being available, it was a boom year for e-commerce across the continent.

Mobile money use soared in 2019, the most recent full year of activity, according to the GSM Association (GSMA), the London-based umbrella body for the mobile industry.

There were over 1-billion mobile money accounts registered in the world, and over $1.9-billion was processed every day by the mobile money industry, the GSMA reported. In total, there is R22-billion in circulation, which is more money than exits the mobile money system – the first time this has happened in this industry.

There are 290 mobile money services in the 95 countries in the world, of which 77 have 1-million accounts that are active over 90 days. This compares to 27 in 2014.

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