Sub-Saharan Africa records 12% increase in mobile money accounts in 2019 – Report

Sub-Saharan Africa records 12% increase in mobile money accounts in 2019 – Report

- Records have shown that the use of mobile money services experienced a boom in the year 2019

- There was a 12% increase in the registration of new mobile money accounts in the year, which was the world's second-best record

- It has also been revealed that the global money industry recorded newly registered accounts to the tune of over 1 billion in the same year

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Sub-Saharan Africa recorded a 12% increase in the registration of mobile money accounts in 2019, which is the second-best growth rate recorded worldwide.

The region also accounted for over 60% of the $690 billion worth of transactions recorded by mobile money services in 2019.

It has also been reported that the global money industry recorded over one billion registered accounts in the same year.

READ ALSO: Mobile Money: Bank of Ghana cancels charges on transactions GHC100 and below for 3 months

Per a report by qz.com, there are now almost 300 live mobile money services in 95 countries all over the world.

Another report by the GSM Association (GSMA) shows that sub-Saharan Africa remains “the enduring epicenter of mobile money” driving global adoption.

It predicts that registered mobile money accounts across Sub Saharan Africa (currently at 469 million) will cross the half-billion mark by the end of 2020.

Presently, MTN Nigeria, which is the country’s biggest phone network, outdoored its MoMo Agent mobile money service in October 2019.

It is hoping to replicate the success of its Ghanaian partner which successfully launched a mobile money-based IPO back in 2018.

The listing, the largest undertaken on Ghana’s stock market, saw 100,000 Ghanaian nationals purchase MTN shares using mobile money accounts.

In other news, telecommunications company, MTN, has reported an increase in revenue for the year ended December 2019.

On Wednesday, March 11, 2020, the group revealed details of the results amid macroeconomic challenges in South Africa, where it is headquartered.

The company also announced that Rob Shuter, who serves as president and Chief Executive Officer (CEO), would not renew his contract after March 2021.

READ ALSO: Bank of Ghana's Monetary Policy Committee reduces policy rate to 14.5%

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