The GSMA has just released its report on the state of Mobile Money for 2024. The report examines mobile money across different regions in the world including Asia and Africa.
Highlights Of The Report
Here are highlights of The State of the Industry Report on Mobile Money 2024 report:
Industry Growth
Mobile money services have expanded significantly, with 1.75 billion registered accounts and $1.4 trillion processed annually. Sub-Saharan Africa, particularly West Africa, has seen remarkable growth, especially in Nigeria, Ghana, and Senegal.
Economic Impact
Over the past decade, mobile money has contributed $600 billion to GDP in countries with mobile money services, with use cases evolving beyond basic transactions to include international remittances and merchant payments.
Regulatory Influence
Regulation has played a crucial role in the growth of mobile money, especially in West Africa. The report discusses the impact of regulation on financial inclusion in Nigeria and the West African Economic and Monetary Union (WAEMU).
Gender Gap
There is a focus on bridging the mobile money gender gap, with Kenya achieving near-universal adoption among both men and women.
Read the whole report here.
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