July 23

GSMA Launches Mobile Money Interoperability Test Platform Driving Financial Inclusion in Africa

In Africa over 50.7 million new registered mobile money accounts were opened in 2019-20 alone, taking the total number of registered accounts in the region to 481 million. The total transaction volume and value for mobile money accounts during this period was 24 billion and $461 billion (up by 20% and 27%) respectively.

The COVID-19 global pandemic has accelerated the need for mobile and digital technology on the African continent. This has created a platform for innovation. New companies are emerging with service offerings aligned to a new way of transacting, further unlocking employment opportunities but also highlighting a need for skills development as the world digitally transforms. Accelerating the mobile money industry on the African continent, is integral to this shift. The GSMA Inclusive Tech Lab which was launched in 2019, provides an industry collaboration ground to drive innovation in inclusive technologies for the underserved. This effort follows with the launch of the GSMA Mobile Money Interoperability Test Platform (ITP) in March 2020, which aims to help make transactions more seamless in emerging markets.

Photo courtesy of Simon Berry

Source: Finextra (link opens in a new window)