The 2021 report on mobile money by the Global System for Mobile Communication Association (GSMA) shows that mobile money is growing significantly, no just in Africa but across the world.
Mobile money transactions grew the most in 2021 at over $1 trillion and volume of transactions also surged.
Here are three things we learned from the report:
Value of transaction rise most in 10 years
There was a consistent increase in the value of mobile money transactions processed globally over the last ten years.
2021 saw the highest value of transactions processed, rounding up with a total of $1 trillion.
On a Year on Year (YoY) analysis of the report, the value of mobile money transactions carried out globally includes $I trillion in 2021, $795 billion in 2020, $631 billion in 2019, $533 billion in 2018, $380 billion in 2017, 2017, 291 billion in 2016, $221 billion in 2015, $160 billion in 2014, $101 billion in 2013 and $68 billion in 2012.
Sub-Saharan Africa growth not slowing
Sub-Saharan Africa maintained its lead as the region with highest mobile money transactions and value.
East Africa, where M-Pesa dominates the market, processed the highest amount of transactions ending the year with a total of $403.4 billion.
West Africa followed East Africa with a total transaction of $239. 3 billion dollars processed, while central Africa ended the year in the third position with $50.1 billion.
Read also: Mobile money transaction growth in 3 charts
Meanwhile, Southern Africa and Northern Africa ended the year with a lowest amount of transactions processed, compared to other sections of the continent which stood at $4.9 billion and $3.7 billion respectively.
Mobile money adoption is growing around the world
Although mobile money was previously seen to be suitable for developing countries where financial exclusion still prevails, the rest of the world are now on the band wagon.
According to the report, Sub- Saharan Africa took the highest share of the amount processed by closing the year with a total of $697.7 billion.
Similarly, South Asia followed up by rounding up with a total of $156.3 billion as at the end of the year 2021 when it was lastly updated by GSMA.
East-Asia and Pacific ended with $141 billion in 2021, following East Asia and Pacific.
Latin America and the Caribbean, the Middle East and North Africa, and Europe and Central Asia recorded $30 billion, $13.7 Billion, and $6.3 billion respectively.
Meanwhile, the records show that the three regions recorded a very poor transaction compared to others that ended the year with a higher value.
