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The Africa mobile money market was valued at US$ 450 Million in 2021.
We expect the Africa mobile money market to exhibit a CAGR of 22.10% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of mobile money over conventional cash-based methods across several African nations to administer the financial transactions with minimal human interaction, thereby mitigating the risk of the coronavirus infection.
The rising internet penetration, along with the increasing awareness towards the associated benefits of mobile money, such as ease of accessibility, 24/7 availability, security, lower transaction costs, etc., is primarily driving the Africa mobile money market.
Based on the technology, the Africa mobile money market can be categorized into USSD, mobile wallets, and others. Currently, USSD accounts for the majority of the market share.
Based on the business model, the Africa mobile money market has been segregated into mobile led model and bank led model, where mobile led model currently holds the largest market share.
Based on the transaction type, the Africa mobile money market can be bifurcated into peer to peer, bill payments, airtime top-ups, and others. Currently, peer to peer transaction type exhibits a clear dominance in the market.
On a regional level, the market has been classified into Tanzania, Kenya, Uganda, Ghana, and others, where Tanzania currently dominates the Africa mobile money market.
Some of the major players in the Africa mobile money market MTN, Orange, M-Pesa, Tigo-Pesa, Airtel Money, etc.
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