GSMA:Africa accounts for over 70% of mobile money transactions globally

Africa dominates the global mobile money scene, accounting for over 70% of transactions. The number of registered mobile wallets in Africa has surged to 621 million, indicating a significant 17% rise from the previous year, attributed in part to the impact of the COVID-19 pandemic. In 2021, person-to-person transactions soared to $386 billion, surpassing $1 billion daily, showcasing the region’s rapid adoption of mobile financial services. The Middle East is also highlighted as an emerging market for mobile money.

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.