May 31

Press Release: Mobile Money Exceeds Industry Expectations, Reaching a Transaction Value of 1.26 USD Trillion in 2022

Mobile money services are growing faster than predicted around the globe, as digital services continue to rise in popularity, according to the GSMA’s annual ‘State of the Industry Report on Mobile Money 2023’, published today.

The report, published annually by the GSMA and funded by the Bill and Melinda Gates Foundation, demonstrates that rates of adoption are even quicker than expected, with the number of registered mobile money accounts growing by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022. While it took the industry 17 years to reach the first 800 million customers, this is extremely significant growth as it has taken just five years to reach the next 800 million.

In 2022, daily transactions via mobile money reached $3.45 billion, exceeding the $3 billion amount predicted in 2021. Total transaction value for mobile money grew by an incredible 22% between 2021 and 2022, from $1 trillion to around $1.26 trillion.

However, in many areas worldwide, more work is still needed to help give underserved communities access to safe, secure and affordable financial services. With 1.4 billion people worldwide remaining unbanked, the GSMA Mobile Money Programme is working with mobile operators and industry stakeholders worldwide to create a robust mobile money ecosystem,  increasing the relevancy and utility of these services and ensuring their sustainability.

The 2023 report shows there are now 315 live mobile money deployments across the globe, with peer to peer (P2P) transfers and cash-in/cash-out transactions still among the most popular use cases. Bill payments using mobile money grew by 36% year-on-year – faster than any other use case – and the industry continues to focus on use case diversification, playing an important role in digitising economies.

Photo courtesy of WorldRemit Comms.

Source: PR Newswire (link opens in a new window)

Technology, Telecommunications
financial inclusion, mobile finance