According to statistics, the number of registered mobile money accounts worldwide will grow from 1.4 billion in 2021 to 1.6 billion in 2022, a year-on-year increase of 13%. However, most of this expansion occurred in sub-Saharan Africa, where the number of registered accounts he grew by 17% and the user base in the region he reached 763 million.
Beyond the user, mobile money’s ability to enable financial transactions has improved significantly over the period under consideration. According to the paper, transaction value increased 22% from about $1 trillion in 2021 to $1.26 trillion.
The paper also explained how mobile money platforms can help consumers save money. By 2022, about 60% of MMPs offered consumers savings accounts. In 2021, only half of these companies offered savings products.
According to the World Bank Global Findex 2021, 39% of all mobile money account holders in sub-Saharan Africa, or 15% of adults, use mobile money accounts to save.
“There is still a lot of work to be done in this area, but once women have access to mobile phones and mobile money, this is a very positive development, increasing their economic independence and empowering them in economic decision-making. I can strengthen my role as a person.” Mats Granlid said.
“Mobile money is driving financial inclusion around the world. As it continues to grow, it offers an incredible opportunity to reach out to the 1.4 billion people who are still without financial access.” he added.
Mobile money was also frequently used to pay for international remittances, according to the report. International remittances by mobile money increased by 28% year-on-year.
Despite the fact that women are 28% less likely than men to own a mobile money account in low- and middle-income countries, the study produced some encouraging findings. Mobile money is driving the economic inclusion of women and low-income people in many emerging economies, according to research. More women than ever before have mobile her money her accounts, and 30-day usage rates are on par with men.
