Mobile money is experiencing rapid growth on the African continent. And with good reason: mobile and digital technologies have become essential tools, and mobile money transfers and payments are playing an increasingly important role in the lives of hundreds of millions of Africans who use them on a daily basis.
To reflect this dynamic and explore future trends in mobile money, GSMA has published its latest report reviewing the mobile and money sector and its development.
According to the report, 2022 highlighted the importance of mobile money services, which, during the Covid-19 pandemic, enabled millions of people in low- and middle-income countries to access digital financial services.
In 2022, the number of registered accounts increased by 13% year-on-year, from 1.4 billion in 2021 to 1.6 billion in 2022. This growth was boosted in part by regulatory changes in sub-Saharan Africa, particularly in Nigeria and Ethiopia.
In total, the total value of transactions carried out in Africa in 2022 amounted to $836.5 billion. This represents an increase of 22% compared to 2021 and 66.3% of the total value of transactions carried out worldwide.
West Africa saw a 29% increase in the total number of transactions in the same year, representing $12 billion out of a total of $277 billion.
In West Africa, there are also 290 million registered accounts on the continent and 12 billion transactions completed in 2022, an increase of 29% compared to 2021.
The full report can be found here: https://www.gsma.com/sotir/#