M-Pesa, the first globally known mobile money product, was launched in 2007 by Safaricom, a subsidiary of the Vodafone group. As mobile money spread globally during the pandemic, the concept has become a catalyst for innovation and a pillar in achieving sustainable economic development across emerging markets. In sub-Saharan Africa, the trend translated into over 600 million mobile money registered accounts and transactions valued at over USD600 billion in 2022. Since 2018, improvement in mobile money services has been further facilitated by interoperability systems across operators. More than facilitating payments, mobile money is creating new paths to understanding consumption patterns.

Source: The North Africa Journal March 17, 2023 11:40 UTC