Mobile Money reached $495bn in Africa in 2020. “Many of the socio-economic and development challenges arising from the pandemic are being tackled with mobile money tools,” says Mats Granryd, the director general of the London-based GSMA, an umbrella body for the mobile industry. According to the GSMA’s State of the Industry Report on Mobile Money 2021, “sub-Saharan Africa has been at the forefront of the mobile money industry for over a decade”. Mobile money in Africa boomed during the pandemic in 2020. In 2020, mobile money transactions values “grew across the board as more money circulated and was cashed-in and cashed-out than ever before,” the GSMA found.

Source: The North Africa Journal May 19, 2021 22:30 UTC