Mobile money has evolved from a narrow product service in a few markets to a global financial service
Number of registered mobile money accounts surpassed 1.3B. Source: pexels.com
According to MoneyTransfers.com, registered mobile money accounts stood at 1.35B by the end of 2021. This is an 18% growth from 2020.
In 2021, mobile money adoption and usage increased over the previous year. Last year, there were more than 1.5 million person-to-person (P2P) hourly transactions – a 22-fold increase since 2012.
Sub-Saharan Africa has seen the most significant increase in mobile money. With $403 billion in transactions in 2020, East Africa maintains the highest transaction values.
According to the research, West Africa is still proliferating, with a 60% increase in transaction value since 2020.
Despite the new milestone, mobile money is still used in low- and middle-income states. North America is still missing from the dataset. Europe has the lowest transaction value among the regions listed.
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.
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