Mobile Money Accounts Exceed 1 Billion Worldwide

GSMA’s State of the Industry Report reveals the following:

• There are more than 1 billion registered mobile money accounts, worldwide
• Daily mobile money transactions amount to about $2 billion
• Mobile money services are available in 96% countries where less than a third of the population have an account at a formal financial institution
• Digital transactions represented 57% of mobile money interactions
• Number of agent outlets has almost tripled over the past five years
• The reach of a mobile money agent is now seven times that of ATMs and 20 times that of bank branches
• More value is circulating in the mobile money system than exiting

The total value of money circulating in digital platforms reached $22 billion in December 2019, more than doubling over the last two years and surpassing the total value of outgoing transactions, which settled at $18 billion.

For consumers, this marks a shift from cash towards digital payments — for school fees, e-commerce, international remittances, savings, credit, pay-as-you-go utilities and more.

The trickle-down effect of the increase in mobile money accounts is the following:

• More women are using financial services
• Low-income households are accessing essential utility services
• Smallholder farmers are getting paid more quickly and conveniently
• Migrants are experiencing faster, safer and cheaper international remittances
• Humanitarian cash assistance is being delivered more thoughtfully to those in crises

Regulation that enables low-cost services for the financially excluded has been crucial to the success of mobile money, and there is a clear correlation between an enabling regulatory environment and a high mobile money adoption rate.

John Giusti, Chief Regulatory Officer, GSMA