GSMA:Africa accounts for over 70% of mobile money transactions globally
A report by GSMA shows that registered mobile wallets in Africa have reached 621 million, which translates to 70% of the world’s $1 trillion mobile money value. This is a 17% increase from 562 million in 2020. Noting that the COVID 19 pandemic had catalysed the mobile money market, The head of financial inclusion at GSMA Ashley Olson Onyangoattributed the sharp increase in mobile money to the COVID 19 pandemic, which she noted had catalysed the mobile money market. In 2021, person to person transactions were valued at $386 billion, translating to more than $1 billion a day. Another region that were embracing mobile money
was the Middle East.