Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
GSMA Report: Global State of Mobile Money Industry Report 2019
GSMA | Nov 25, 2020
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.
See: Task Force Analyzes Role of Fintech in Accelerating SDGs
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.
See: Google and Gates Foundation to help spread digital payments in developing countries
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.
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.
See: Bank of Canada Speech: Money and Payments in the Digital Age
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
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