In many ways, the mobile phone democratised the financial services industry.
In its 10th annual report on the State of the Industry on Mobile Money, the GSMA revealed that mobile money adoption and use saw continued growth in 2021, processing a record $1 trillion annually. The industry enjoyed a substantial increase in the number of registered accounts globally, up 18% since 2020.
According to the report, the volume of person-to-person transactions was up to more than 1.5 million every hour. Mobile money is also very important in Sub-Saharan Africa (SSA). The region is currently responsible for an estimate of at least $697.7 billion in transaction value in 2021 alone (nearly 70% of the global figure).
Basically, there is nowhere else in the developing world that moves more money purely on mobile phones than SSA. Just in case you haven’t heard