Report: West Africa’s Mobile Money to Hit $70bn in 2023
Riding on the success of mobile money growth in West Africa, with a contribution of over $50 billion in 2018, which is equivalent to 8.7 per cent of the region’s GDP, a new GSMA report has predicted that the West Africa mobile ecosystem economic contribution would continue to increase to reach $70 billion by 2023, which is about 9.5 per cent contribution to GDP.
The 2019 West Africa edition of the GSMA’s Mobile Economy report series was launched yesterday at the ongoing GSMA Mobile 360 – West Africa event in Abidjan, Côte d Ivoire.
The study attributed the expected rise in mobile money contribution to the rising mobile phone ownership and the ongoing migration to mobile broadband networks and services across the West African region, Nigeria inclusive.
Analysing the report, Head of sub-Saharan Africa at the GSMA, Mr. Akinwale Goodluck, said: “The report underlines the vital role the mobile ecosystem is playing in contributing to economic growth, social development and job creation across West Africa.