IMARC Group, a leading market research company, has recently releases report titled “Africa Mobile Money Market Report by Technology (USSD, Mobile Wallets, and Others), Business Model (Mobile Led Model, Bank Led Model), Transaction Type (Peer to Peer, Bill Payments, Airtime Top-ups, and Others), and Country 2024-2032”. The study provides a detailed analysis of the industry, including the Africa mobile money market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Africa Mobile Money Market?
The Africa mobile money market size reached US$ 674.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,448.4 Million by 2032, exhibiting a growth rate (CAGR) of 19.3% during 2024-2032.
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Africa Mobile Money Market Trends and Drivers:
The broad use of smartphones as well as rising internet penetration across the continent are the factors responsible for the growth of the Africa mobile money market. Additionally, as mobile phone usage becomes ubiquitous, consumers are gaining access to mobile money services. This trend is further bolstered by the growing need for financial inclusion, particularly in regions with limited access to traditional banking services. Moreover, mobile money platforms provide a vital alternative, enabling users to perform a variety of financial transactions, such as money transfers, bill payments, and savings, directly through their mobile devices. This convenience is driving the rapid uptake of mobile money services across Africa.
Another significant driver is the supportive regulatory environment and initiatives taken by government authorities aimed at promoting digital financial services. Many government bodies and central banks are implementing policies that encourage the growth of mobile money, recognizing its potential to enhance financial inclusion and stimulate economic development. Furthermore, the competitive landscape of mobile money providers is fostering innovation and improving service offerings, thereby escalating market growth. Telecom operators, fintech companies, and traditional banks are collaborating to expand the range of mobile money services, making them more accessible and user-friendly. The COVID-19 pandemic has also played a crucial role in accelerating the adoption of mobile money as consumers and businesses sought safer, contactless payment methods, which is anticipated to drive the Africa mobile money market over the forecasted period.
Africa Mobile Money Market Segmentation:
Breakup by Technology:
- USSD
- Mobile Wallets
- Others
Breakup by Business Model:
- Mobile Led Model
- Bank Led Model
Breakup by Transaction Type:
- Peer to Peer
- Bill Payments
- Airtime Top-ups
- Others
Breakup by Country:
- Tanzania
- Kenya
- Uganda
- Ghana
- Others
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Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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