In a new report backed by the Bill & Melinda Gates Foundation, global mobile money transactions grew 14 per cent last year
In a new report backed by the Bill & Melinda Gates Foundation, global mobile money transactions grew 14 per cent last year to reach $1.4 trillion. The GSMA's State of the Industry Report on Mobile Money came out the same day Ericsson
According to the GSMA, operators in West Africa face more competition from non-MNO mobile money providers, which is helping to drive the overall market. “In the past 10 years, West Africa has emerged as a key player with the number of registered mobile money accounts doubling between 2013 and 2023,” it said.
“Mobile money has demonstrated its potential to transform economies and societies, driving financial inclusion and sustainable development worldwide,” said Ashley Olson Onyango, head of financial inclusion and agritech at GSMA. Naira may be on track to regaining N1,300/$ as the dumping of hard currencies warehoused by speculators turns the foreign exchange into a buyer’s market.
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