More than 300 mobile money services across 96 countries promoted financial ecosystem in 2020, GSMA report

GSMA released its annual flagship report 2021 State of the Industry Report on Mobile Money which focuses on the supply-side data and insights from the mobile money industry and investigates the major industry trends in 2020. According to the report, higher levels of mobile money activity and increased use of more advanced ecosystem services were reported in 2020 which indicates that more people are reaping the benefits of digital financial inclusion. Over USD$2 billion were processed daily by the mobile money industry which means it has doubled in value since 2017. Moreover, the COVID-19 crisis has accelerated some of the delayed regulatory changes including the simplification and the streamline of processes to facilitate registering for a mobile money account. Over 50 percent of mobile money agents were continuously active throughout the pandemic thanks to the swift response of mobile money providers.