The Latest Report by IMARC Group’s titled “Africa Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The Africa mobile money market size reached US$ 552.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,829.7 Million by 2028, exhibiting a growth rate (CAGR) of 21.96% during 2023-2028.

Year Considered to Estimate the Market Size:

Base Year of the Analysis: 2022

Historical Period: 2017-2022

Forecast Period: 2023-2028

Africa Mobile Money Market Overview:

Mobile money represents a payment type based on accounts held by a smartphone operator and accessible from the mobile phones of the subscriber. It offers simple person-to-person transactions rather than complex banking ones. Mobile money provides an easy, fast, secure, and cost-effective way of making payments. It is used for performing peer-to-peer fund transfers, bill payments, airtime top-ups, etc., across the country.

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Africa Mobile Money Market Trends:

The emerging trend of convenience in service delivery, expansion of smartphone agent networks, the high usage of cellphones, and the execution of interoperability are among the primary factors driving the Africa mobile money market. Besides this, the launch of various policies by the government bodies to strengthen this payment system, provide services to people who have limited access to traditional financial institutions, and eliminate the threat of theft is further augmenting the market growth. Moreover, the development of mobile money interoperability, which has boosted the efficiency and accessibility to transfer funds quickly for several applications, is also catalyzing the market across Africa. Apart from this, the introduction of EMI (electronic money issuers) guidelines by the bank for performing monetary transactions is acting as another significant growth-inducing factor. Additionally, the rising internet penetration, the elevating financial literacy, the ease of accessibility, 24/7 availability, security, lower transaction costs, and user-friendly properties are also stimulating the market growth. Furthermore, various financial services are offered through this platform, including microloans, insurance, and hospitalization covers, which are expected to bolster the Africa mobile money market in the coming years.

Africa Mobile Money Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the Africa mobile money market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include: