Mobile money exceeds industry expectations, reaching transaction value of $1.26 trillion in 2022

According to the GSMA’s annual ‘State of the Industry Report on Mobile Money 2023’, mobile money services are growing at a faster rate than predicted worldwide, driven by the increasing popularity of digital services.

The report reveals that the number of registered mobile money accounts has grown by 13% year on year to reach 1.6 billion in 2022, surpassing expectations. In just five years, the industry has added 800 million customers, compared to the 17 years it took to reach the first 800 million.

Daily transactions via mobile money exceeded $3.45 billion in 2022, and the total transaction value grew by an impressive 22% from $1 trillion to around $1.26 trillion.

However, many underserved communities worldwide still lack access to safe, affordable financial services, and the industry must work to create a robust mobile money ecosystem to ensure sustainability and relevance.

The report shows that there are now 315 live mobile money deployments globally, with peer-to-peer transfers and cash-in/cash-out transactions among the most popular use cases.

Mobile money is also driving financial inclusion for the world’s unbanked, particularly women in rural communities. However, a gender gap still exists, with women in low- and middle-income countries 28% less likely than men to own a mobile money account.

During the pandemic, mobile money services continued to show resilient growth, with up to 400 million accounts added. Mobile money-enabled international remittances grew by 28% year-on-year to $22 billion in 2022, with many diasporas using mobile money to send funds to friends and family due to its efficiency, speed, safety and cost-effectiveness.

The number of mobile money agents also increased significantly, with a 41% increase from 2021 to 2022, from 12 million to 17.4 million agents. The GSMA encourages governments worldwide to develop enabling policies to support mobile money deployments, accelerate the digitization of national economies, and build financial resilience to support communities in uncertain times.

Source: AdomOnline