Nigerian CommunicationWeek

Mobile Money in Africa Reaches Nearly $500Bn during COVID-19 Pandemic

Mobile Money transaction boomed globally in 2020, especially in sub-Saharan Africa which accounted for 43% of all new accounts, according to the GSM Association.

Mobile Money in Africa Reaches Nearly $500Bn during COVID-19 Pandemic

More than half of such accounts are in Africa, which has been the fastest-growing region for mobile phone growth for several years.

“Many of the socio-economic and development challenges arising from the pandemic are being tackled with mobile money tools,” said Mats Granryd, director general of the London-based GSMA, an umbrella body for the mobile industry.

According to the GSMA’s State of the Industry Report on Mobile Money 2021, “sub-Saharan Africa has been at the forefront of the mobile money industry for over a decade”.

It continued to account for most of the growth in 2020 with 43% of all new accounts.

Registered mobile money accounts in Africa grew 12% to 562 million in 2020, while monthly active accounts were 161 million, an 18% increase, the report found.

Total transactions hit 27.5 billion (up 15%) valued at $495 billion (up 23%). It has 171 active mobile money services.

In sub-Saharan Africa, which excludes the Arab-speaking countries in North Africa, registered accounts reached 548 million (a 12% increase) with 159 million active monthly users (up 18%).

The region saw transactions of 27.4 billion worth $490 billion, with the same percentage increases as the entire continent.

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