Africa Leads Mobile Money Boom
Thursday, June 25, 2015
New data from Juniper Research has revealed how Service Providers are benefiting from the boom in mobile money transfer services – with $2bn in revenues forecast for this year and $4bn annually 2018…
Africa leads the way
The new research, Mobile Money Transfer & Remittance: Domestic & International Markets 2015-2020, pointed to Africa as being the leading market. Several African mobile operators – such as Vodacom Tanzania and MTN Uganda – are now generating more than 10% of their revenues from mobile money.
Meanwhile, Safaricom’s MPESA service, the trailblazer in the sector, recorded mobile money revenues of more than $330m in the latest financial year, making it the most successful mobile or online money transfer service worldwide.
Interoperability agreements spur traffic growth
According to the research, recent surges in both transaction volumes and values were being driven by increased implementation of both cross-border and intra-national remittance interoperability. The research cited the traffic uplifts engendered by recent agreements between Safaricom and MTN (for the Rwanda-Kenya corridor) and by national interoperability agreements in markets such as Tanzania and Pakistan.