23 August 2017
Find out more

Africa drives soaring worldwide mobile money adoption - GSMA

25 February 2014  |  4932 views  |  0 iphone apps on screen

More than 60 million people around the world carried out mobile money transactions last June, according to figures from the GSMA, with sub-Saharan Africa leading the charge.

In June 2013 61 million mobile money accounts were active, up from 37 million in the same period in 2012. Meanwhile, the number of registered mobile money accounts nearly tripled in two years, from 71 million in June 2011 to 203 million in 2013.

Mobile money has also spread across a greater number of regions, with 219 services in 84 countries by the end of 2013, up from 179 in 75 at the end of 2012.

Sub-Saharan Africa is still the dominant region accounting for 52% of all live deployments but mobile money is also expanding in other areas, with, for example, 19 launches planned in Latin America.

At the end of 2013, nine markets - Cameroon, the Democratic Republic of Congo, Gabon, Kenya, Madagascar, Tanzania, Uganda, Zambia and Zimbabwe - had more mobile money accounts than bank accounts.

The GSMA says that providers are not only launching but overcoming operational challenges to create solid distribution networks and a large base of active customers. Today, 13 services each have more than one million active accounts.

Having established strong foundations, many are moving into new products such as bulk and merchant payments. There are now 123 mobile insurance, credit and savings services, 27 of which were launched in 2013.

Tom Phillips, chief regulatory officer, GSMA, says: "This annual report underscores the enormous impact that mobile money is having in emerging markets, by providing access to increasing numbers of products and services and helping millions of people to manage their daily lives and improve their livelihoods."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Orange Cash launches pre-paid mobile app in France

Orange Cash launches pre-paid mobile app in France

13 February 2014  |  6315 views  |  4 comments | 12 tweets | 6 linkedin
Bank apps riddled with security holes - researchers

Bank apps riddled with security holes - researchers

13 January 2014  |  11891 views  |  0 comments | 21 tweets | 15 linkedin
New Kenyan regulations threaten M-Pesa's dominance

New Kenyan regulations threaten M-Pesa's dominance

15 October 2013  |  7397 views  |  0 comments | 7 tweets | 9 linkedin
African mobile money adoption soars - GSMA

African mobile money adoption soars - GSMA

01 March 2013  |  8171 views  |  0 comments | 15 tweets | 5 linkedin
Visa targets developing world with plug-and-play mobile money service

Visa targets developing world with plug-and-play mobile money service

13 February 2013  |  9342 views  |  0 comments | 15 tweets | 10 linkedin
US mobile banking adoption on the rise as range of services grows

US mobile banking adoption on the rise as range of services grows

30 November 2012  |  11324 views  |  0 comments | 28 tweets | 7 linkedin
Unbanked hungry for mobile money - study

Unbanked hungry for mobile money - study

23 October 2012  |  11844 views  |  0 comments | 16 tweets | 14 linkedin
Mobile operators agree global standard for NFC on the SIM

Mobile operators agree global standard for NFC on the SIM

16 November 2011  |  10788 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.niceactimize.comdownload the paper now

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
15513 views comments | 39 tweets | 74 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
13066 views comments | 28 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11712 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10906 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10800 views comments | 10 tweets | 8 linkedin

Featured job

Find your next job