In a clear indicator of the rise of digital finance, mobile money services are growing faster than anticipated globally and most notably in Africa - which now accounts for 66% of the world’s $1.26 trillion mobile money value, according to a recent report.
One key region catalyzing global growth has been Sub-Saharan Africa, with particular emphasis on Nigeria and Ethiopia, where regulatory changes have led to a rapid surge in mobile money adoption.
Africa’s mobile money industry processed $836.5 billion in 2022, recording a 22% increase from the previous year. East Africa led with $491.8 billion, making up more than half of the continent’s total transaction value (58%) and volume (62%).
Source: 2023 State of the Industry Report on Mobile Money by GMSA