GSMA Report: Global State of Mobile Money Industry Report 2019

GSMA | Nov 25, 2020

GSMA state of industry report mobile money 2019 - GSMA Report:  Global State of Mobile Money Industry Report 2019

GROWING AND GLOBALISING

2019 marked a major milestone for the mobile money industry: the number of registered mobile money accounts surpassed one billion.

Reaching the one billion mark is a tremendous achievement for an industry that is just over a decade old.

The mobile money industry of today has a host of seasoned providers with a broad set of operational capabilities, a full suite of products and a global reach.

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.

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Mobile money services are available in 96 per cent of countries where less than a third of the population have an account at a formal financial institution.

INCREASING USER TRUST AND RELEVANCE

Overall growth in transaction values has been impressive in the past 12 months.

Total transaction values grew by 20 per cent, reaching $690 billion in 2019, which means the industry is now processing close to $2 billion a day (over $1.9 billion).

This growth and scale is a positive signal for the industry as it demonstrates higher levels of customer trust, greater relevance for users and the capacity of mobile money to digitise an increasing amount of capital.

The industry continues to invest in distribution networks and sustainable agent income.

The mobile money industry has created opportunities for entrepreneurs in emerging markets to become agents.

The number of agent outlets has almost tripled over the last five years, reaching 7.7 million.

A mobile money agent has seven times the reach of ATMs and 20 times the reach of bank branches. In rural and hard-to-reach areas, mobile money agents have had a transformative impact on financial inclusion.

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Meanwhile, agents are seeing their monthly incomes rise substantially with commissions that are not taking away from investment in other areas of the mobile money business.

mobile money and UN SDGs - GSMA Report:  Global State of Mobile Money Industry Report 2019

THE CORE TRENDS OF 2019

  • A growing number of providers are becoming commercially sustainable
  • The industry continues to invest in distribution networks and sustainable agent income
  • More providers are shifting to a ‘payments as a platform’ model
  • The digitisation of payments has reached new heights
  • More value is circulating in the mobile money system than exiting
  • The industry is increasingly interoperable and integrated
  • The regulatory landscape is evolving

INCREASING USER TRUST AND RELEVANCE

Overall growth in transaction values has been impressive in the past 12 months.

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Total transaction values grew by 20 per cent, reaching $690 billion in 2019, which means the industry is now processing close to $2 billion a day (over $1.9 billion).

This growth and scale is a positive signal for the industry as it demonstrates higher levels of customer trust, greater relevance for users and the capacity of mobile money to digitise an increasing amount of capital.

Download the full 72 page PDF report --> here

 


NCFA Jan 2018 resize - GSMA Report:  Global State of Mobile Money Industry Report 2019 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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