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Global Mobile Money Market Hits $1.4tn in Transaction Value

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Mobile money services, particularly in West Africa, have seen exponential growth, with registered accounts doubling over the past decade, according to the 2024 ‘State of the Industry Report on Mobile Money’ prepared by the GSMA.

In 2023, global money transactions increased by 14% year-on-year (YoY), equating to $2.7 million per minute.

The GSMA Mobile Money Programme, supported by the Bill and Melinda Gates Foundation, works to enhance the development of mobile money ecosystems for the underserved.

The 2024 edition finds a 23% YoY increase in transaction volumes, reaching 85 billion annually. Between 2013 and 2022, countries with mobile money services saw a $600 billion higher GDP than those without, equivalent to mobile money increasing GDP by around 1.5%.

However, while both transaction value and volume increased, the rates of growth were slower when compared with 2022, showing that mobile money continues to be used more frequently, but for smaller transactions.

Mobile money is boosting socioeconomic impact

Mobile money boosts financial inclusion and digital access, serving as a catalyst for achieving 15 out of 17 United Nations’ Sustainable Development Goals (SDGs), up from 13 in 2019.

As the mobile money market starts to mature, the use cases are becoming more sophisticated. More providers now offer adjacent financial products, such as credit, savings, and insurance. Credit is the most popular adjacent financial service offered by mobile money providers (MMPs), with a 73% increase in the number of credit products offered YoY

This diversification of use cases is empowering the underserved, including women and rural populations, to save money through mobile money accounts. MMPs tracking disaggregated data found a 98% increase in the cumulative number of unique female customers saving via mobile money, between September 2022 and June 2023.

In addition, increased business adoption of mobile money saw average revenue per user grow from $2.2 in September 2022 to $3.2 in June 2023 – an increase of over 40%.

Mobile money accounts are on the rise

In 2023, global registered mobile money accounts reached 1.75 billion, a 12% increase from 2022. Although the YoY growth rate of registered mobile money accounts is slowing (from 15% in 2022 and 19% in 2021), this reflects the start of the industry’s maturation.

Growth has been pronounced in Sub-Saharan Africa where the share of registered accounts has increased for two consecutive years to 47% in 2023, the highest since 2019. Sub-Saharan Africa accounted for over 70% of the total growth in registered accounts in 2023, with South Asia contributing a fifth.

West Africa becomes mobile money’s powerhouse

West Africa, particularly Nigeria, Ghana, and Senegal has seen a 100% increase in registered accounts from 2013 to 2023, establishing itself as a leader in mobile money adoption.

This growth, driven by enabling regulatory frameworks, has facilitated a shift to digital transactions, underpinned by a surge in international remittances and merchant payments.

For instance, the West African Economic and Monetary Union1 (WAEMU) experienced significant growth in the use of mobile money adding over 110 million new mobile money accounts between 2018 and 2022. In turn boosting financial inclusion from 56% to 71% for a population of over 137 million, with 60% residing in rural areas2.

Significant barriers remain

Barriers to accessing mobile money include low mobile ownership, perceived relevance, digital skills, social norms, and trust levels. Lack of mobile ownership remains the biggest barrier; though the total number of registered mobile money accounts stands at 1.75 billion, a sizeable gender gap remains.

Globally, women are 7% less likely than men to own a phone, this gap in mobile ownership exists in all survey countries, except Kenya.

Beyond addressing individual challenges, an enabling regulatory landscape is crucial for boosting global financial inclusion and mobile money uptake. Taxation remains an important regulatory challenge for many mobile money services.

Mobile money taxation can be a convenient revenue-earning opportunity for many governments in Sub-Saharan Africa. Though, countries including Ghana and Tanzania have experienced the negative effects of taxing mobile money transactions.

Ashley Olson Onyango, Head of Financial Inclusion & AgriTech at GSMA, comments “Mobile money has demonstrated its potential to transform economies and societies, driving financial inclusion and sustainable development worldwide.

As the industry has started to mature, it is also clear that mobile money offers a sound commercial proposition. Between 2022 and 2023 the average revenue per user rose 40% validating the recent investment that the industry has seen.

“To ensure mobile money remains safe, accessible, and affordable, there is a clear need for governments and regulators to work with financial service providers to launch financial literacy programmes that can empower underserved populations and improve their financial decision-making.”


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SAIL Fellowship: Teachers Reflect on Classroom Transformations with MTN Foundation

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MTN Foundation in partnership with the Senator Abiru Innovation Lab (SAIL) Teachers Fellowship Programme is a groundbreaking initiative aimed at equipping teachers with innovative tools, methodologies, and digital resources to make classrooms more engaging and productive. Designed to improve the quality of education in Nigeria, the program drew over 6,000 applicants, of which a select group of outstanding teachers emerged as top performers.

Four exceptional teachers, Manasseh Mbah Bagayang, Susan Adeshola, Asmau Adamu Yakubu, and Brian Anthony shared their transformative experiences as participants in the fellowship, offering insights into how the program has revolutionised their classrooms and renewed their passion for teaching.

Manasseh Mbah, a chemistry teacher from Government Basic Education School in Bugai, Kaduna State, reflected on his unexpected journey into teaching. With a degree in chemical engineering, his path to education began out of necessity when he couldn’t find a job in his field. “Before the program, my knowledge of teaching was limited,” he confessed.

The fellowship introduced him to inquiry-based learning (IBL), a methodology that transforms classrooms into spaces of curiosity and critical thinking. “IBL is student-centered. It encourages the use of questions to pique students’ interest and develop their critical thinking abilities,” Manasseh explained.

Applying these methods, he saw a dramatic change in his classroom dynamics. “Before, students were uninterested, some even sleeping in class. Now, they’re curious and eager to learn,” he said.

Even in the face of challenges like limited access to electricity and the internet in rural areas, Manasseh has remained resourceful, using digital tools and interactive teaching strategies to inspire his students.

Susan Adeshola, a primary school teacher in Lagos, described the fellowship as a lifeline for innovation in resource-strapped environments. “Lagos State uses a cohesive teaching method, but my school lacked essential tools like projectors. So, I improvised… “The participation was overwhelming. Even the shyest students were asking questions and engaging,” she said, recounting how she created visual aids from downloaded images and cardboard to teach her students.

The results were astounding. One standout moment came when supervisors unexpectedly visited her class. Leveraging the inquiry-based approach she had learned, Susan captivated both her students and the observers, earning praise for her innovative teaching methods.

Her hope is for the Lagos State government to adopt these strategies more broadly. “If facilities are provided and more teachers are trained, classrooms will transform. Children will love coming to school because learning will be fun,” she affirmed.

Asmau Adamu Yakubu, a biochemistry graduate turned teacher from Kaduna State, described her classroom transformation as nothing short of revolutionary. “Before, students were bored and disengaged. But after implementing IBL, they became curious, attentive, and eager to participate,” she said.

Asmau emphasized the importance of relating lessons to students’ immediate environments, a core principle of IBL. “When students see the connection between what they’re learning and their everyday lives, it sticks,” she noted.

Her vision for the future is ambitious; merging IBL with technological innovation to bridge the gap between underprivileged students and modern education. “Imagine rural students exposed to laptops and digital tools. It would ignite their thirst for knowledge,” she said passionately.

Brian Anthony from Ondo State has always seen teaching as a noble and fulfilling profession. “I love to impact lives. Teaching is my way of sharing knowledge and shaping the future,” he said.

Through the fellowship, Brian discovered new ways to enhance his teaching. “The program taught me the value of self-development. As a teacher, you must keep learning to stay relevant,” he explained. His favourite takeaway was the power of combining IBL with digital tools to make lessons more engaging and memorable.

Brian’s classroom has become a place where students actively participate and think critically. “It’s amazing to see students remember concepts long after the lesson because they were engaged and involved,” he said.

The stories of these teachers reflect the profound impact of the SAIL Teachers Fellowship Programme. By equipping educators with innovative methodologies and digital resources, the foundation is reigniting a passion for teaching among participants.

As all graduating teachers continue to implement what they’ve learned, their hope is for broader adoption of inquiry-based learning and digital innovation across Nigeria. With programs like SAIL, the future of education in Nigeria looks brighter, promising a generation of students eager to learn and equipped to thrive in an increasingly digital world.


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NITDA Commends Google, X, Microsoft, and TikTok for Compliance

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National Information Technology Development Agency (NITDA) has commended Google, X, Microsoft, and TikTok for their compliance with the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries.

The Code which was issued jointly by the Nigerian Communications Commission (NCC), National Broadcasting Commission (NBC), and NITDA outlines clear guidelines for promoting online safety and managing harmful content.

The 2023 compliance report provides valuable insight into the platforms efforts to address user safety concerns in line with the Code of Practice and the platforms’ community guidelines.

The highlight of the overall statistics across all the platforms includes the following:

1. Four million, one hundred and twenty-five thousand, two hundred and eighty-three (4,125,283) registered complaints.

2. Sixty-five million, eight hundred and fifty-three thousand, five hundred and eighty-one (65,853,581) content takedown.

3. Three hundred and seventy-nine thousand, four hundred and thirty-three (379,433) removed and re-uploaded content following an appeal by users.

4. Twelve million, ninety-nine thousand, six hundred and thirty-three (12,099,633) closed and deactivated accounts.

NITDA acknowledges the positive impact of these efforts by the platforms’ in fostering a safer and responsible digital environment for Nigerians and non-Nigerians in Nigeria. `

Furthermore, data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS) reveal that foreign digital companies, including interactive computer service platforms and internet intermediaries (such as social media platforms) operating in Nigeria contributed over N2.55 trillion (approximately $1.5 billion) in taxes in H1 2024.

This significant increase in revenue underscores the role of robust regulatory frameworks in shaping compliance and driving revenue growth in the digital economy.

While commending the progress made, NITDA emphasises the need for continued collaboration and innovation to address emerging challenges and ensure a safer and more responsible digital space.

The agency remains committed to working with stakeholders to strengthen and enhance user safety measures, digital literacy, trust and transparency.


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Galaxy Backbone CEO Advocates for Sustainable Digital Infrastructure in Africa

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Prof. Ibrahim Adeyanju, Managing Director/Chief Executive Officer of Galaxy Backbone, has underscored the importance of building sustainable digital infrastructure to fuel Africa’s economic transformation.

Prof. Ibrahim Adeyanju, MD and CEO, Galaxy Backbone

Presenting a paper titled: Building Digital Infrastructure for a Sustainable Digital Economy at the 2024 edition of Africa Tech Alliance Forum (AfriTECH 4.0) held recently in Lagos, Prof. Adeyanju noted that technology has the potential to redefine Africa’s economic trajectory, and that at Galaxy Backbone, they are dedicated to building the foundational digital infrastructure that supports this vision.

According to him, “Africa’s digital journey presents immense opportunities, but it requires robust, scalable, and sustainable infrastructure to enable economic growth.

“Galaxy Backbone’s mission aligns directly with these goals, as we work to provide the infrastructure and connectivity that powers government services, businesses, and communities across Nigeria.”

He said that today, digital infrastructure is much more than just technology but about creating resilient systems that empower citizens, foster economic empowerment, and drive inclusive growth.

“Our investments in state-of-the-art data centres, fibre optic networks, state of the art SOC and secure cloud solutions have created a backbone that supports Nigeria’s public sector and enables interconnectivity among MDAs,” he said.

Prof. Adeyanju who was represented at the event by Mr. Nnamdi Onoh, Field Service Engineer at Galaxy Backbone, highlighted key projects, including the National Information Communication Technology Infrastructure Backbone (NICTIB), which has expanded connectivity and digital services across Nigeria.

Focusing on sustainability, he outlined Galaxy Backbone’s commitment to three pillars including Environmental Responsibility through energy-efficient practices in data centres; Economic Empowerment which aims at facilitating job creation and innovation, allowing businesses to scale; and Social Inclusion which is targeted at bridging the digital divide and reaching underserved communities.

He said that looking ahead, Galaxy Backbone plans to expand cloud services, strengthen cybersecurity, and explore AI, IoT, and blockchain to build a future-ready infrastructure, noting that the Government Service Portal (GSP), a consolidated platform for public services, was also introduced as a step towards enhancing transparency and citizen-centric services.

“In the next 12 to 24 months, Galaxy Backbone will focus on expanding our cloud capabilities, strengthening cybersecurity, and exploring emerging technologies like AI, IoT, and blockchain to enhance service delivery.

“Our goal is to build a future-ready infrastructure that supports the dynamic needs of Nigeria’s digital economy.

“We are also advancing projects such as the Government Service Portal (GSP), which consolidates public services into a single, accessible platform. This effort demonstrates our commitment to making government services more transparent, efficient, and citizen-centric,” he said.

The CEO emphasized that digital transformation is a collaborative effort involving government agencies, industry, and international partners and highlighted partnerships with NITDA, the Ministry of Communications, and ECOWAS members as essential for a resilient digital economy.

According to Prof. Adeyanju, “As we pursue this vision, we recognize the challenges we face—connectivity gaps, regulatory hurdles, and cybersecurity threats.

“Our approach is to address these proactively by investing in secure, scalable infrastructure and advocating for policies that enable digital growth.

“At Galaxy Backbone, we are committed to developing a skilled workforce capable of managing and advancing our digital infrastructure.”

In recognition of its leadership, Galaxy Backbone was awarded the ATAEx Outstanding Government Agency of the Year, an award Prof.

Adeyanju said “underscores our commitment to a secure, inclusive, and sustainable digital future for Nigeria, reaffirming Galaxy Backbone’s dedication to advancing Africa’s digital economy.”


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