Mobile Money Payments in Nigeria Record Impressive Growth According to 2023 GSMA Report

The use of mobile money continues to grow globally as the world becomes increasingly digital. This is particularly true for Nigeria, which has seen a 41% increase in registered agents for mobile money payments, according to the latest State of the Industry on Mobile Money Report 2023 by the GSM Association (GSMA) and the Bill & Belinda Gates Foundation.

Director-General of GSMA, Mats Granryd, noted that regulatory changes have played a significant role in the growth of mobile money, and in Nigeria, the introduction of new licenses resulted in new players and an uptick in registered agents. In addition, the number of mobile money accounts in Nigeria has grown from 16% to 22% in the last year.

Globally, registered mobile money accounts increased by 13% YoY from 1.4 billion in 2021 to 1.6 billion in 2022. There has been a particular surge in sub-Saharan African countries, where registered accounts have grown by 17%, and account owners totalled 763 million. Financial transactions facilitated by mobile money also grew, with transaction values increasing by 22% to $1.26 trillion, up from $1 trillion in 2021.

According to the report, mobile money platforms are also helping users save funds, with around 60% of platforms surveyed offering a savings account option - half of these providers did not offer a savings product in 2021. Furthermore, the World Bank Global Findex 2021 found that 15% of adults in sub-Saharan Africa saved money using a mobile money account.

Mobile money is seen as a critical tool for financial inclusion, helping users regardless of their location or socio-economic status. The report found that more women than ever before have a mobile money account and use it as regularly as men on a 30-day basis. This is good news for African women and their financial independence. However, there is still work to be done, as the gender gap in account ownership in Nigeria and Pakistan appears to have widened in recent times.

The report concludes that mobile money is driving financial inclusion worldwide, with plenty of opportunities to reach the 1.4 billion people that still do not have access to financial services. International remittance payments via mobile money saw a 28% YoY growth, especially as the COVID-19 pandemic highlighted the importance of speed, safety, and cost-effectiveness in international remittances.

Overall, the authors of the report encourage countries and entrepreneurs to design secure and safe financial services for everyone, to build a sustainable and resilient future.


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