Summary
- • Mobile money accounts worldwide surpassed 1.2 billion in 2020.
- • Mobile money transactions exceeded $2.7 trillion globally in 2020.
- • In 2020, over 300 million new mobile money accounts were registered, a record high.
- • Gender gap in mobile money usage in low- and middle-income countries shrunk by nine percentage points in 2020.
- • Mobile money accounted for 46% of global remittances in 2020.
- • Mobile money agents grew by 13% in 2020 to reach over 6.3 million globally.
- • 82% of mobile money providers offered merchant payments as a service in 2020.
- • Mobile money revenue increased 23% to $9.4 billion in 2020.
- • Over 940 million adults in Sub-Saharan Africa have a mobile money account as of 2020.
- • Mobile money transactions in Sub-Saharan Africa exceeded $500 billion in 2020.
- • Mobile money penetration in Kenya is at 91% of the adult population.
- • In 2020, 147 mobile money services were available across 46 Sub-Saharan African markets.
- • Mobile money usage increased by 43% in South Asia in 2020.
- • 17% of adults in South Asia have an active mobile money account as of 2020.
- • Over 70% of mobile money services introduced new or extended merchant payments in 2020.
Move over, paper money, theres a new player in town! With mobile money accounts surpassing a whopping 1.2 billion globally in 2020, its clear that the mobile money industry is making it rain – to the tune of over $2.7 trillion in transactions. From shrinking gender gaps to surging revenue growth, the world of mobile money is buzzing with 6.3 million agents and a whole lot of cash floating around. So grab your smartphone and get ready to swipe, tap, and click your way through the latest stats and trends in the mobile money revolution!
Gender Disparities in Mobile Money Usage
- Gender gap in mobile money usage in low- and middle-income countries shrunk by nine percentage points in 2020.
- Gender gap in mobile money account ownership decreased to 8% in South Asia in 2020.
- 40% of mobile money accounts in Latin America and the Caribbean are held by women.
Interpretation
The latest statistics on the mobile money industry reveal some promising trends in narrowing the gender gap, showing that women are increasingly becoming key players in financial inclusion. With the gender gap in mobile money usage decreasing by nine percentage points in low- and middle-income countries and ownership levels in South Asia dropping to just 8%, it is evident that progress is being made. Furthermore, the fact that 40% of mobile money accounts in Latin America and the Caribbean are held by women underscores the vital role they play in driving financial empowerment and economic growth in the region. It's clear that the tides are turning, proving that when women are given equal access and opportunities, they excel in navigating the digital finance landscape with finesse.
Global Mobile Money Industry Overview
- Mobile money accounts worldwide surpassed 1.2 billion in 2020.
- Mobile money transactions exceeded $2.7 trillion globally in 2020.
- In 2020, over 300 million new mobile money accounts were registered, a record high.
- Mobile money accounted for 46% of global remittances in 2020.
- 82% of mobile money providers offered merchant payments as a service in 2020.
- Over 70% of mobile money services introduced new or extended merchant payments in 2020.
- Over 1 billion mobile money accounts were registered globally as of December 2020.
- The global mobile money industry processed $1.3 trillion in transactions in the third quarter of 2021.
- The mobile money industry in Nigeria recorded over $106 billion in transactions in 2020.
Interpretation
In the world of mobile money, where transactions fly faster than a text message and accounts multiply like emojis in a group chat, the industry has proven to be more than just a passing trend. With over 1.2 billion accounts worldwide and a whopping $2.7 trillion in transactions in 2020, it's clear that mobile money is here to stay. As 300 million new accounts join the party, it seems everyone wants a piece of the digital pie, with mobile money taking a generous slice of the global remittances at 46%. With merchants jumping on board like influencers at a brand collaboration, it's no surprise that 82% of providers now offer merchant payments. So, whether you're swiping, tapping, or simply texting your money across borders, one thing's for sure - mobile money is not just a pocket change, it's a serious game-changer in the financial world.
Mobile Money Agent Networks and Services
- Mobile money agents grew by 13% in 2020 to reach over 6.3 million globally.
- Mobile money agents in South Asia grew to 4.5 million in 2020.
Interpretation
In a world where catching a cab can be as easy as tapping a screen, it's no surprise that mobile money agents are multiplying faster than conspiracy theories on social media. With a 13% growth in 2020 alone, these financial foot soldiers now number over 6.3 million globally, giving new meaning to the phrase "making money moves." And with 4.5 million of them stationed in South Asia, it seems the region is not just a powerhouse when it comes to spicy curries, but spicy financial transactions as well. The game of Monopoly just got a high-tech upgrade, and it looks like everyone is rolling the dice on mobile money.
Mobile Money Revenue Trends
- Mobile money revenue increased 23% to $9.4 billion in 2020.
- Mobile money revenue in Sub-Saharan Africa grew by 23.8% to reach $6.6 billion in 2020.
- Mobile money revenue in the Middle East and North Africa grew by 40% to $356 million in 2020.
- In 2020, the Central Asia and Eastern Europe region saw a 27% increase in mobile money revenue to $889 million.
- Mobile money revenue in Egypt grew by 50% in 2020.
Interpretation
In a world where even your Grandma's secret cookie recipe can be digitized, it's no surprise that the Mobile Money Industry is booming like a rocket on a mission to financial inclusion. With revenues soaring higher than Elon Musk's latest SpaceX launch, it seems like everyone from Sub-Saharan Africa to the Middle East is tapping into the digital gold rush. So, while Egypt may be busy counting its 50% mobile money revenue growth in 2020, the rest of the industry is probably already dreaming up new ways to make those electronic dollars rain. Keep your smartphones charged and your wallets virtual, folks, because the future of money may just be a text message away.
Regional Mobile Money Insights
- Over 940 million adults in Sub-Saharan Africa have a mobile money account as of 2020.
- Mobile money transactions in Sub-Saharan Africa exceeded $500 billion in 2020.
- Mobile money penetration in Kenya is at 91% of the adult population.
- In 2020, 147 mobile money services were available across 46 Sub-Saharan African markets.
- Mobile money usage increased by 43% in South Asia in 2020.
- 17% of adults in South Asia have an active mobile money account as of 2020.
- 25 mobile money providers in South Asia offered services to more than one million registered customers each in 2020.
- Mobile money transactions in South Asia totaled $366 billion in 2020.
- Growth in registered customers for mobile money providers in South Asia reached 30% in 2020.
- The average number of active mobile money accounts per user was 1.4 in Sub-Saharan Africa in 2020.
- Mobile money transactions in Latin America and the Caribbean reached $55 billion in 2020, a growth of 64% over the previous year.
- Over 110 million adults in Latin America and the Caribbean have a mobile money account as of 2020.
- Mobile money transactions in East Asia and the Pacific totaled $1.3 trillion in 2020.
- There are 270 million registered mobile money accounts in East Asia and the Pacific as of 2020.
- Over 60% of adults in East Asia and the Pacific have an active mobile money account.
- The mobile money industry in West Africa grew by 32% in 2020.
- Over 150 million people in West Africa registered for mobile money services in 2020.
- Mobile money accounts in West Africa increased by 25% to reach 199 million in 2020.
- The mobile money industry in the Middle East and North Africa saw a transaction volume of $7 billion in 2020.
- There are 40 million registered mobile money accounts in the Middle East and North Africa as of 2020.
- The mobile money industry in Central Asia and Eastern Europe recorded $54.6 billion in transactions in 2020.
- Mobile money accounts in Central Asia and Eastern Europe reached 40 million in 2020.
- Mobile money transactions in the Pacific Islands totaled $115 million in 2020.
- There are approximately 8 million registered mobile money accounts in the Pacific Islands as of 2020.
- Mobile money accounts in Tanzania increased by 6% to reach 33 million in 2020.
- Mobile money transactions in Tanzania grew by 17.5% in 2020, reaching $82.74 billion.
- In Nigeria, mobile money accounts increased by 30% to 101.2 million in 2020.
- Over 95% of adults in Côte d'Ivoire have a mobile money account.
- Mobile money transactions in Côte d'Ivoire totaled $25.5 billion in 2020.
- The mobile money industry in Ghana supported over 400,000 jobs in 2020.
- Mobile money accounts in Ghana reached 21.6 million in 2020.
Interpretation
Move over Monopoly, the real game of mobile money dominance is happening in sub-Saharan Africa, where over 940 million adults are making transactions that would make Scrooge McDuck blush. With mobile money penetration in Kenya hitting 91% and a whopping 147 services spread across 46 markets, it's clear that cash is no longer king in this digital era. And let's not forget South Asia, where mobile money is giving Bollywood a run for its money with a 43% increase in usage and 25 providers serving over a million customers each. It seems the world is swiping, tapping, and clicking its way to a cashless future faster than you can say "contactless payment." Keep your wallets close and your smartphones closer, folks!
