Photo courtesy of GSMA

Barcelona, Spain - February 27, 2018

• In 2017 the Mobile Money Industry Processed USD1 Billion a Day, Generating Direct Revenues of USD2.4 Billion

The GSMA today unveiled its seventh annual ‘State of the Industry Report on Mobile Money’, offering a current snapshot of the mobile money landscape and highlighting the impact that greater financial inclusion has on lives, economies and innovation.
The report provides the only comprehensive picture of mobile money around the globe.

The mobile industry has an obligation to help achieve the #SDGs - @MatsGranryd opening keynote #MWC18. Photo courtesy of GSMA

Today, with more than 690 million registered accounts in over 90 countries, mobile money has evolved into the leading payment platform for the digital economy in many emerging markets.

The report shows that, in 2017, the mobile money industry processed transactions worth a billion dollars a day, generating direct revenues of over $2.4 billion.

Mats Granryd, Director General of the GSMA. Mats Granryd is Director General of the GSMA and a Member of its Board. In this role, he leads the GSMA in supporting its global membership through a range of industry programmes, advocacy initiatives and industry-convening events. Photo courtesy of GSMA

“As the Sustainable Development Goals (SDGs) enter their third year, mobile technology is proving to be an essential tool for delivering these global goals with increased connectivity and innovative services enabling more inclusive communities,” said Mats Granryd, Director General, GSMA.
“Mobile money remains a central part of this story, contributing to 13 of the 17 SDGs, enabling access to essential services like health and education, empowering women with employment opportunities and reducing poverty by offering life-enhancing financial services, often for the first time.”

Photo courtesy of GSMA

New Trends

The report shows a number of new trends in mobile money in 2017, including the accelerated growth of bank-to-wallet interoperability, the growing adoption of smartphones, the proliferation of fintech companies, the digitisation of new sectors of the economy, and renewed efforts by companies and governments to reach the most vulnerable and underserved.

Photo courtesy of GSMA

Sub-Saharan Africa has long been the epicentre of mobile money and growth in this region shows no sign of slowing, but as the industry has matured, mobile money has also gained traction in other parts of the world.

Photo courtesy of GSMA

In 2017, for the first time, growth of the industry was led by regions other than Africa.

With 47 per cent year-on-year growth, South Asia was the fastest-growing region in terms of registered accounts and now represents 34 per cent of registered accounts globally.

Photo courtesy of GSMA

Mobile Money Reaching Scale

A steady increase in active customers, transactions and direct revenue are signs that mobile money is evolving into a sustainable industry and represents an important driver of economic growth in developing markets, particularly through formalising payments, increasing transparency and boosting GDP.

Photo courtesy of GSMA

With mobile money now available in over 90 countries, including three-quarters of low- and lower-middle-income countries, it has become the leading payment platform for a digital economy in many emerging markets.

Photo courtesy of GSMA

The research further shows:

• Strong growth in customer registrations in 2017 led to the addition of over 136 million new registered accounts, bringing the global total to 690 million mobile money accounts, a 25 per cent increase from 2016;

• A growing number of mobile money services are seeing the proportion of their customer base regularly using their service increase to over 50 per cent, especially where providers have a strong distribution network, enabling regulation and rely more on an account-based business model;

• More funds are entering and leaving the mobile money ecosystem in digital form; bulk disbursements, bill payments and bank-to-wallet transactions have been the main drivers. In 2017, nearly 25 per cent of incoming funds were digital, compared to nearly 12 per cent in 2012; and

• Many successful providers are decreasing the net cost of the agent network – the cost of managing an agent network can account for more than half of total revenues, so this trend can significantly affect investment incentives.

Ebenezer Asante explains @MTNGroup’s ambitions to drive the #digitisation of societies in which they operate, through opening their platform for ambitious collaborations. #MWC18 Photo courtesy of GSMA

Future Considerations

As a burgeoning fintech community positions itself as the gateway of choice for new digital services, a number of traditional tools will remain relevant.
The persistence of the cash economy in emerging markets means that complex distribution networks will continue to be crucial for digital services to interface with physical lives.

Photo courtesy of GSMA

In a business that relies deeply on trust, the role of longstanding brands and the understanding of local context will also remain integral to reaching people outside of the formal system.

Photo courtesy of GSMA

The policy and regulatory environment will play a determinant role in establishing incentives and setting national ambitions.
As regulators confront questions around data protection, business models, and more, the policy end game of greater inclusion must remain at the fore.
Providers able to effectively inform and support this process will be more likely to thrive.

Photo courtesy of GSMA

Granryd added,
“In an increasingly turbulent world, mobile money is also providing a lifeline, with digital humanitarian cash transfers and affordable international remittances giving refugees safe and convenient ways to meet pressing needs. We are also continuing to focus on narrowing the gender gap in access to financial services through programmes such as the Connected Women Commitment initiative.”

The GSMA Mobile Money Programme is supported by the Bill & Melinda Gates Foundation, The MasterCard Foundation and Omidyar Network. Photo courtesy of GSMA

The 2018 State of the Industry Report on Mobile Money, as well as further information on the GSMA’s Mobile Money Programme,
is available at:  www.gsma.com/mobilemoney  


Note to editors:
The State of the Industry Report on Mobile Money draws on the results of the annual GSMA Global Adoption Survey of Mobile Financial Services and data from the GSMA Mobile Money Deployment Tracker, and provides insights on mobile money performance from the GSMA’s engagement with the industry.

Photo courtesy of GSMA

About the GSMA

The GSMA represents the interests of mobile operators worldwide, uniting nearly 800 operators with more than 300 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organisations in adjacent industry sectors.

The GSMA also produces industry-leading events such as Mobile World Congress, Mobile World Congress Shanghai, Mobile World Congress Americas and the Mobile 360 Series of conferences.

For more information, please visit the GSMA corporate website at www.gsma.com  

Follow the GSMA on Twitter: @GSMA.

Photo courtesy of GSMA

Media Contacts:

For the GSMA

Beau Bass
+44 79 7662 4962
beau.bass@webershandwick.com  

Pau Guerrero / Gloria Almirall
+34 93 236 09 00
PGuerrero@webershandwick.com  

GSMA Press Office
pressoffice@gsma.com  

Photo courtesy of GSMA

Source: GSMA

https://www.gsma.com/newsroom  



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