In 2017, the use of mobile money increases by 25% to 690 million accounts compared to 2016. This showed the seventh annual “State of the Industry Report on Mobile Money” by GSMA. The results are based on the strong growth in customer registrations during the last year which led to the addition of over 136 million new registered accounts.
The data is for more than 90 countries. GSMA’s report provides a comprehensive picture of mobile money and highlights the impact that greater financial inclusion has on lives, economies, and innovation. Mobile money is a leading payment platform for the digital economy in many emerging markets. In 2017, the industry processed transactions worth a billion dollars a day, generating direct revenues of over $2.4 billion.
According to GSMA, some of the trends in mobile money in 2017 include the accelerated growth of bank-to-wallet interoperability, the growing adoption of smartphones, the proliferation of fintech companies, the digitization of new sectors of the economy, and renewed efforts by companies and governments to reach the most vulnerable and underserved. GSMA also reports that in 2017, for the first time, the growth of the industry was led by regions other than Africa. South Asia has recorded a yearly growth of 47% and has become the fastest-growing region in terms of registered accounts.
For the full GSMA’s report read here.