Mobile money transfer concept. Banking payment apps. People sending and receiving money wireless with their mobile phones. Vector illustration

The Africa mobile money market reached a transaction value of US$ 200.5 Billion in 2018.

Looking forward, the market is projected to reach a transaction value of US$ 1,011.3 Billion by 2024, growing at a CAGR of around 30% during 2019-2024 according to The “Africa Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024 report by ResearchAndMarkets.com.

Africa has the largest mobile money market across the globe with telecom operators embracing innovative practices that allow customers to pay bills and access services including loans, insurance and savings.

Growing mobile money providers in emerging markets such as Africa helps to boost the mobile money transactions in public and private sectors. Also, the high internet penetration rates will raise the mobile money transactions as well.

Moreover, the ease of accessibility, 24/7 availability, security, lower transaction costs and user friendliness will accelerate the market growth in the forecast period in the region. Countries such as Kenya and Uganda have over half of the adult population using digital financial services.

Apart from increasing access to financial services, the growing mobile money industry in African region has offered a new career path and additional income opportunities to many small-scale entrepreneurs as mobile banking agents. Further, with the mobile device becoming a regularly used device, mobile money services have prominently transformed the user’s payment and money transfer experiences.