Mobile money has been accountable for bringing about a proficient transformation in the conduct of financial activities by banked and previously unbanked individuals in the emerging markets. These services play an essential role in lengthening the reach of formal financial services to the unbanked and financially underserved population in emerging economies.
According to the report analysis, ‘Africa Mobile Payments Industry Outlook to 2019 - Growth Led By Governmental Support and Mobile Network Operators’ states that the mobile money industry around the world has been uninterruptedly growing and enlarging across several regions. The traction of the market is more aptly observable in the developing third world countries as associated to developed countries such as the US. For example, Africa registered for nearly ~% of the world’s active mobile money customers during 2013. Africa has been one of the early adopters of the mobile money around the world with the value of transactions increasing at a CAGR of ~% over the duration of 2009-2014.
With approximately ~% of the m-payment transactions originating in East-Africa, this region leads the African market of m-payments. The accomplishment story of the Africa mobile payments industry is finest exemplified by M-PESA. At the end of 2013, M-PESA was assessed to have over ~ million subscribers with ~ million active customers. M-PESA is principally used for sending, withdrawing and depositing cash, which noted more than USD ~billion worth of person-to-person transactions during 2013, with average monthly transactions of USD ~ billion. The service has widespread reach and emerged as more preferable service over its competitors due to the services such as M-Shwari, M-Kesho and others which focus at delivering the loans and other micro-credit services.
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The African mobile payments industry is principally based on the mobile money services obtainable by a number of mobile network providers which may or may not function in partnership with banks, differing upon the regulations laid down by worried authority in respective countries. The mobile payments scenario in Africa is greatly fragmented with foremost players such as Orange, MTN, Vodafone and others functioning region-wide.
Furthermore, growth in penetration of smartphones around the country and augment in the m-commerce industry in country are the foremost factors propelling the growth of the market. In addition, upsurge in implementation of mobile payment services in country propels the growth of the market. Furthermore, growing data breaches and security issues in Mobile Payment limits the growth of the market. Furthermore, growth in utilization of NFC, RFID and host card emulation technology in Mobile Payment and growth in requirement for fast and hassle-free transaction services is projected to deliver the lucrative opportunity for the market.
The mobile payments and m-wallet industry in Africa is projected to develop by leaps and bounds over the duration of next five years (2015-2019). Augmenting customer awareness, augmenting mobile and smartphone penetration, enlarging reach of market players across nations, augmenting the government support towards financial inclusion are some of the aspects which will influence the market growth during the forthcoming years.
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Africa Mobile Payments Market Growth Rate
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