Mobile money industry processes a record of US$1 trillion in 2021

GSMA published the tenth annual State of the Industry Report on Mobile Money which examines a decade of growth and explores the transformative effects of mobile money on the financial lives of those who, ten years ago, were left behind. The report revealed that US$ 1 trillion was processed annually by the mobile money industry showing a 31% increase year-on-year. While there are 1.35bn registered mobile money accounts, mobile money continues to grow rapidly, bringing a suite of financial products to the fingertips of hundreds of millions of users and disrupting traditional financial services. ‘Mobile money has provided an accessible alternative to a bank account, it has unlocked access to financial services for people who were not served by the traditional banking industry, such as the poor, rural, and women in low- and middle income countries,’ highlighted Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA) H.M. Queen Máxima of the Netherlands.