The Uganda mobile money market reached a transaction value of nearly US$ 25 Billion in 2018. Mobile money allows subscribers to transfer money and make payments for services and products via mobile phones. Mobile money is gaining popularity in Uganda as they offer enhanced security features and convenience to users.
Mobile money adoption is growing at a strong pace in Uganda. In an underdeveloped financial infrastructure in the country with a large number of people having no formal bank account, the mobile money market in Uganda leverages the ubiquity of mobile phones and the convenience offered by the service to the consumers. Mobile money facilitates faster money transfer, safe and secure transaction, affordability and cross border money transfer. Increasing internet penetration in the country has also supported the growth of the market. Mobile money in Uganda has overtaken cash pick-up and bank deposits as the favored method to receive money. Moreover, increasing awareness, urbanization and ever-changing technology has further encouraged the adoption of mobile money services in the country. The ease of using an application on mobile phones for making a transaction have made people familiar with the innovations, thereby fueling the market growth. Driven by these factors, IMARC Group expects the market to reach a value of around US$ 132 Billion by 2024, growing at a CAGR of around 31% during 2019-2024.
Market Breakup by Technology
Currently, USSD holds majority of the market share in the Uganda mobile money market.
Market Breakup by Business Model
Currently, mobile led model holds the largest share in the Uganda mobile money market.
Market Breakup by Transaction Type
Currently, peer to peer transaction type holds the highest share in the market.
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
Key Questions Answered in This Report:
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