April 10

Report: Over 500 Million Mobile-Money Users Expected in Africa in 2020

By Quentin Velluet

According to statistics from a new report from the GSMA trade body, Sub-Saharan Africa continues to outpace other regions when it comes to mobile-money services.

In 2019, 50 million sub-Saharan Africans created a mobile-money account via a mobile phone, representing a 12% increase compared to 2018 and bringing the total number of users up to 469 million across the region. An estimated 181 million of them are active users.

The total value of the 23.8bn transactions carried out in 2019 exceeds $456bn, representing a nearly 28% jump compared to 2018 and proving that sub-Saharan Africa beats all records in the sector, as this figure is 3.5 times the value of transactions recorded in South Asia, the second-highest ranked region in terms of mobile-money services.

Photo courtesy of Anaya Katlego.

Source: The Africa Report (link opens in a new window)

digital finance, financial inclusion, fintech