GSMA report: Mobile money grows faster than industry expectation

The Groupe Speciale Mobile Association (GSMA)’s ‘State of the Industry Report on Mobile Money 2023′ shows that rates of adoption for mobile money services are growing faster than predicted worldwide, with the number of registered mobile money accounts growing by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022.

Daily transactions reached $3.45 billion in 2022, and the total transaction value grew by 22% between 2021 and 2022, from $1 trillion to about $1.26 trillion. The pandemic has driven much of this growth, with up to 400 million accounts added during the pandemic alone.

The report also highlighted the significant growth in international remittances using mobile money and the importance of mobile solutions in driving financial inclusion for the world’s unbanked, particularly women in rural communities. The report notes that the mobile money gender gap has shown signs of widening in countries like India, Indonesia and Pakistan.

Max Cuvellier, Head of Mobile for Development at GSMA, remarked on the growth of mobile money in affording millions of unbanked in low and middle-income countries while adding that a lot more work is needed to support the billion unbanked people worldwide access to safe, secure and affordable financial services.