The 10th annual ‘State of the Industry Report on Mobile Money by the GSMA has revealed that mobile money adoption and use saw continued growth in 2021.
Per the report, the sector saw the processing of a record $1 trillion annually.
According to the report, the industry saw an increase in the number of registered accounts, up 18% since 2020.
The increase reached 1.35 billion globally.
The volume of person-to-person transactions were up to more than 1.5 million every hour, the report said.
The report further disclosed that one of the most significant drivers of growth was merchant payments, which almost doubled year on year.
The report said mobile money continues to act as a core pillar of financial and economic inclusion, particularly for women.
It said the sector diversified its value proposition beyond person-to-persontransfers and cash-in/cash-out transactions in 2021.
The report said Mobile Money is now playing an important role in the daily lives of people and businesses, especially in low and middle-income countries (LMICs).
“The growth of ecosystem transactions such as merchant payments, international remittances, bill payments and bulk disbursements, together with interoperable transactions, are accounting for a more significant share of the global mobile money transaction mix”‘ the report added.
It said the value of merchant payments almost doubled, reaching an average of $5.5 billion in transactions per month.
“2021 was the year mobile money started to really diversify to B2B services. Beyond traditional person-to-person transactions, such as transferring money to family or friends, the industry is now central in helping small businesses operate more efficiently, and serve their customers better” the Head of Mobile for Development, GSMA, Max Cuvellier, said.
By: Rainbowradioonline.com/Ghana
