5 July 2023
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Mobile money in Africa: The past and the future?

To The Point

This month's newsletter focuses on the growth of Africa's mobile money market – from the early emergence of Kenya's M-Pesa in the 2000s to the banking-disruptors of today.  The articles below examine the history of mobile money in Africa, its rapid growth and development, and the challenges and opportunities the industry faces in a continent where a significant proportion of the population remains shut out from traditional banking markets.  As the industry continues to grow, but as competition increases and as new technologies (including digital assets) present potentially attractive alternatives to mobile money – what does the future for mobile money in Africa look like?

News articles

Nigeria showcases impressive mobile money performance according to Bill Gate’s Foundation report, June 2023
West Africa is the largest-growing market for mobile money for 2022 according to a GSMA report, May 2023
Can mobile money providers turn into “neobanks”?, May 2022
The growth of mobile money in Africa and its impact on traditional banking systems, April 2023
The growth of mobile money in Africa, March 2023
Mobile Money in Africa: Lessons learned and future opportunities, February 2023
Will mobile money surpass cards as the dominant payment form in Africa?, September 2022
The Future of Payments in Africa, McKinsey Report, September 2022

To the Point 

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