The rate of mobile money adoption is increasing, according to research by moneytransfer.com, with Sub-Saharan Africa, East and West Africa dominating in numbers.
While Sub-Saharan Africa has seen the most significant increase in mobile money, East Africa maintains the highest transaction values with US$403-billion in transactions.
According to moneytransfer.com, West Africa is still proliferating, with a 60% increase in transaction value since 2020.
The research shows that mobile money is still used in low- and middle-income states. North America is still missing from the data set. Europe has the lowest transaction value among the regions listed.
Moneytransfer.com states: “Yet, as it finds savings, credit, and premiums applications, mobile money appears set to remain vital in Africa. The venture is attracting multimillion-dollar financing. Entities such as Mastercard aim to bridge financial access gaps in the quickest growing cities.”
According to the State of the Industry Report on Mobile Money released in March by the GSM Association (GSMA), for the first time over US$1-billion was sent and received in remittances globally, monthly, via mobile money.
