Mobile money industry processed $2 billion transactions per day in 2019 as per GSMA report on Mobile Money.
The report highlights that 2019 marked a major milestone for the mobile money industry with over one billion registered accounts and close to two billion dollars in daily transactions.
For the first time, digital transactions represented 57 percent of mobile money interactions. The industry is witnessing an increasing user trust and relevance.
With 290 live services in 95 countries and 372 million active accounts, mobile money is entering the mainstream and becoming the path to financial inclusion in most low-income countries. For consumers, this marks a shift away from cash towards digital payments — for school fees, e-commerce, international remittances, savings, credit, pay-as-you-go utilities and more.
“Increased mobile connectivity and innovative services such as mobile money are building stronger and more inclusive communities,” said John Giusti, Chief Regulatory Officer, GSMA.
“Surpassing one billion mobile money accounts represents a major milestone for an industry that did not exist just over a decade ago. The reach of mobile money agents is now 20 times that of bricks-and-mortar banks. Almost 1.7 billion people remain financially excluded, but the collective strength of the industry holds the potential to ensure that everyone can be a part of the new digital economy,” added Giusti.
The report explores the empowerment that comes with owning a mobile money account, for example, more women are using financial services, low-income households are accessing essential utility services and smallholder farmers are getting paid more quickly and conveniently. Meanwhile, millions of migrants and their families are experiencing the life-changing benefits of faster, safer and cheaper international remittances and humanitarian cash assistance is being delivered more thoughtfully to those in crisis.
“Regulation that enables low-cost services for the financially excluded has been crucial to the success of mobile money, and there is a clear correlation between an enabling regulatory environment and a high mobile money adoption rate,” added Giusti.