• A report by Bill Gate’s Foundations shows Nigeria’s impressive mobile money performance CHINEDU OKAFOR/ June 2, 2023 9:35 AM
  • Nigeria witnesses a 41% increase in registered mobile money agents, fueled by regulatory changes and new licenses in the market.
  • Mobile money adoption in Nigeria sees a 22% increase in transaction values, reaching $1.26 trillion, and a rise in mobile money account ownership to 22% among aware adults.
  • Mobile money drives financial inclusion globally, with registered accounts reaching 1.6 billion worldwide and a significant 17% growth in Sub-Saharan Africa, empowering women and enabling international remittances.

According to recent research, there has been a 41% increase in the number of registered agents for mobile money transfers in Nigeria. The Bill & Belinda Gates Foundation helped the GSM Association (GSMA) put up the State of the Industry on Mobile Money Report 2023.

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• West Africa outpaces East Africa in mobile money growth, with the region experiencing the highest number of new accounts globally in 2022, according to a recent report by GSMA.
• 2022 was a fruitful year for West African mobile money providers (MMPs). GSMA’s new state of the industry on mobile money report, published last week, shows that the region is now leading the way in mobile money growth, surpassing East Africa in the number of new accounts registered in 2022.

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• In the face of fierce competition from fintechs, many African mobile money providers are contemplating offering savings products and loans, becoming branchless "neobanks" and filling the gap left by traditional retail banks.
• In 2003 a research study conducted by Gamos, a UK consultancy specialising in development aid, uncovered an intriguing insight that would shape the future of financial exchanges in Africa. The study focused on the emerging behaviours associated with mobile phone use in three Sub-Saharan countries – Ghana, Botswana, and Uganda – and revealed an interesting phenomenon. People were utilising airtime as a virtual currency, creating a self-sustaining system of exchange.

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• Millions of people who were previously shut out of the traditional banking system now have access to financial services thanks to mobile money, which has emerged as a disruptive innovation in Africa's financial landscape.
• More than half of the adult population in sub-Saharan Africa lacks access to formal financial services, according to the World Bank. By giving consumers a platform to use their mobile phones to send and receive money, pay bills, and access other financial services, mobile money has assisted in bridging this divide.
• The development of mobile money in Africa and its effects on established financial systems are examined in this article

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• African markets have been rapidly embracing technological advancements in recent years. With the growth of mobile phone usage and the increasing penetration of the internet, the continent has been quick to adopt innovative solutions to meet the growing demand for digital services.
• The fintech industry, in particular, has been growing rapidly in Africa, providing new and innovative financial solutions to individuals and businesses. Mobile money platforms, peer-to-peer lending, and crowdfunding are just a few examples of fintech solutions that have taken off in Africa. Even though a huge development, there are still significant challenges to overcome, such as inadequate infrastructure and regulatory issues, which may slow down the adoption of new technologies.
• Overall, the African market has shown remarkable agility in embracing technological advancements, and with the right infrastructure and policies in place, it is poised to continue to do so in the future. Down below we will focus on mobile money apps and opportunities that Africans already have thanks to technological advances

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• Mobile money has transformed financial inclusion in Africa, where traditional banking services are frequently limited or unavailable. Mobile money allows users to use their mobile phones to conduct transactions, such as sending and receiving money, paying bills, and purchasing goods and services.
• In this article, we will look at the lessons learned from the rapid growth of mobile money in Africa, as well as the future opportunities for financial inclusion that it presents

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• Amidst a backdrop of global economic challenges stemming from the pandemic and the war in Ukraine, payments are expected to increase by 7%, according to a recent McKinsey & Company report. In Africa revenue growth is expected to be almost three times faster, with financial inclusion quickly expanding, primarily driven by the adoption of mobile money and several innovative payment solutions introduced by banks, telcos, and Fintech firms. While cash remains king and its reign is expected to continue for years to come, the rapid growth in electronic payments is challenging that notion.
• The opportunities in the payments ecosystem on the continent are promising. For example, Sub-Saharan Africa dominates the mobile money market, responsible for 70% of the $1 trillion mobile money transactions processed globally last year. The ubiquity of mobile devices has naturally led to the proliferation of mobile payment applications, and the channel is fast becoming a leading payment form. However, mobile payments are not without challenges—the essential being interoperability. Consumers can use a mobile banking application to transfer funds to any other bank account domestically. However, this is not always the case for transfers between mobile money wallets, where this interchange is still in the early stages of development

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• Innovations, entrepreneurs, and capital are reshaping Africa’s fast-growing electronic-payments landscape with solutions for consumers and businesses alike.
• Human commerce has always sought more efficient mediums of exchange, and now this innovation is accelerating. The 21st century has witnessed dramatic shifts in how people pay for goods and services, with electronic payments increasingly displacing cash and, more recently, cryptocurrency and digital currencies emerging as alternatives to traditional conceptions of money

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