More Africa NewsSub-Saharan Africa generated 64.15% of global Mobile Money transactions in 2019

April 9, 2020by myles0

Sub-Saharan Africa remains the region of the world where Mobile Money is the most dynamic. For the year 2019, the zone recorded 23.8 billion transactions out of the 37.1 billion recorded worldwide by the World Association of Telephony Operators (GSMA). Or 64.15% of the volume of global transactions, up 19.7%.

Sub-Saharan Africa has also dominated the global mobile money market in terms of the financial value of transactions. The region recorded US $ 456.3 billion in money sent, received or spent. The sum, up 27.5% annually, represents 66.12% of the global financial value of transactions by Mobile Money recorded by GSMA which amounted to 690.1 billion USD.

This overall financial value was generated by 1.04 billion accounts using 290 mobile payment services. In Sub-Saharan Africa, there are 469 million accounts (an annual growth of 11.9%) using 144 mobile payment services. Or 45.1% accounts for 68.9% of payment services registered in sub-Saharan Africa compared to the global level. 

For the year 2020, it is very likely that these good performances of sub-Saharan Africa in mobile money will explode further with the contribution of the coronavirus which has forced several countries to promote mobile payment for a large part of financial transactions in order to prevent the spread of the virus by exchanging banknotes.

Source: Agence Ecofin

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