IMARC Group, a leading market research company, has recently releases report titled “Africa Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the Africa mobile money market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Africa mobile money market?
The Africa mobile money market size reached US$ 552.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,829.7 Million by 2028, exhibiting a growth rate (CAGR) of 21.96% during 2023-2028.
What is Mobile Money?
Mobile money is a financial service that allows individuals to perform transactions, such as money transfers, payments, and cash-in and cash-out operations, using a mobile device. This technology is a game-changer, especially in regions where traditional banking infrastructure is limited or non-existent, and financial inclusivity is low. Users can store money in a secure electronic account linked to a mobile phone number and can access a variety of services, including payments for goods and services, person-to-person transfers, loan applications, and interest-bearing savings accounts. Mobile money not only provides convenience and speed to its users, but it also facilitates economic activity by bridging the gap between the banked and unbanked populations, particularly in developing regions.
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What are the Growth Prospects and Trends in Africa Mobile Money Market?
The high rate of unbanked or underbanked population in the region, which creates a significant demand for accessible financial services represents one of the key factors driving the market growth across the African region. In addition to this, the rapid penetration of mobile phones, coupled with the lack of traditional banking infrastructure, has created a fertile ground for the expansion of mobile money services, thereby propelling the market growth. Increasing internet penetration and digital literacy are also contributing to the growth of the market. Moreover, the advent of regulatory policies favoring financial inclusivity and digital innovation is accelerating market growth. Furthermore, the COVID-19 pandemic has triggered an increased awareness and adoption of contactless payments, thus contributing to the market growth. Current trends in the market include the integration of additional services, such as insurance, loans, and cross-border payments, into mobile money platforms, which are creating a positive outlook for the market further across the region.
Who are the key players operating in the industry?
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
What is included in market segmentation?
The report has categorized the market based on technology, business model, transaction type and region.
Breakup by Technology:
Breakup by Business Model:
Breakup by Transaction Type:
Countries Covered:
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Key Highlights of The Report:
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