Connect with us

Telecom

Global Mobile Money Market Hits $1.4tn in Transaction Value

Published

on

Kindly share this post

Mobile money services, particularly in West Africa, have seen exponential growth, with registered accounts doubling over the past decade, according to the 2024 ‘State of the Industry Report on Mobile Money’ prepared by the GSMA.

In 2023, global money transactions increased by 14% year-on-year (YoY), equating to $2.7 million per minute.

The GSMA Mobile Money Programme, supported by the Bill and Melinda Gates Foundation, works to enhance the development of mobile money ecosystems for the underserved.

The 2024 edition finds a 23% YoY increase in transaction volumes, reaching 85 billion annually. Between 2013 and 2022, countries with mobile money services saw a $600 billion higher GDP than those without, equivalent to mobile money increasing GDP by around 1.5%.

However, while both transaction value and volume increased, the rates of growth were slower when compared with 2022, showing that mobile money continues to be used more frequently, but for smaller transactions.

Mobile money is boosting socioeconomic impact

Mobile money boosts financial inclusion and digital access, serving as a catalyst for achieving 15 out of 17 United Nations’ Sustainable Development Goals (SDGs), up from 13 in 2019.

As the mobile money market starts to mature, the use cases are becoming more sophisticated. More providers now offer adjacent financial products, such as credit, savings, and insurance. Credit is the most popular adjacent financial service offered by mobile money providers (MMPs), with a 73% increase in the number of credit products offered YoY

This diversification of use cases is empowering the underserved, including women and rural populations, to save money through mobile money accounts. MMPs tracking disaggregated data found a 98% increase in the cumulative number of unique female customers saving via mobile money, between September 2022 and June 2023.

In addition, increased business adoption of mobile money saw average revenue per user grow from $2.2 in September 2022 to $3.2 in June 2023 – an increase of over 40%.

Mobile money accounts are on the rise

In 2023, global registered mobile money accounts reached 1.75 billion, a 12% increase from 2022. Although the YoY growth rate of registered mobile money accounts is slowing (from 15% in 2022 and 19% in 2021), this reflects the start of the industry’s maturation.

Growth has been pronounced in Sub-Saharan Africa where the share of registered accounts has increased for two consecutive years to 47% in 2023, the highest since 2019. Sub-Saharan Africa accounted for over 70% of the total growth in registered accounts in 2023, with South Asia contributing a fifth.

West Africa becomes mobile money’s powerhouse

West Africa, particularly Nigeria, Ghana, and Senegal has seen a 100% increase in registered accounts from 2013 to 2023, establishing itself as a leader in mobile money adoption.

This growth, driven by enabling regulatory frameworks, has facilitated a shift to digital transactions, underpinned by a surge in international remittances and merchant payments.

For instance, the West African Economic and Monetary Union1 (WAEMU) experienced significant growth in the use of mobile money adding over 110 million new mobile money accounts between 2018 and 2022. In turn boosting financial inclusion from 56% to 71% for a population of over 137 million, with 60% residing in rural areas2.

Significant barriers remain

Barriers to accessing mobile money include low mobile ownership, perceived relevance, digital skills, social norms, and trust levels. Lack of mobile ownership remains the biggest barrier; though the total number of registered mobile money accounts stands at 1.75 billion, a sizeable gender gap remains.

Globally, women are 7% less likely than men to own a phone, this gap in mobile ownership exists in all survey countries, except Kenya.

Beyond addressing individual challenges, an enabling regulatory landscape is crucial for boosting global financial inclusion and mobile money uptake. Taxation remains an important regulatory challenge for many mobile money services.

Mobile money taxation can be a convenient revenue-earning opportunity for many governments in Sub-Saharan Africa. Though, countries including Ghana and Tanzania have experienced the negative effects of taxing mobile money transactions.

Ashley Olson Onyango, Head of Financial Inclusion & AgriTech at GSMA, comments “Mobile money has demonstrated its potential to transform economies and societies, driving financial inclusion and sustainable development worldwide.

As the industry has started to mature, it is also clear that mobile money offers a sound commercial proposition. Between 2022 and 2023 the average revenue per user rose 40% validating the recent investment that the industry has seen.

“To ensure mobile money remains safe, accessible, and affordable, there is a clear need for governments and regulators to work with financial service providers to launch financial literacy programmes that can empower underserved populations and improve their financial decision-making.”


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Telecom

Catholic Bishops Raise Caution on Use of Artificial Intelligence

Published

on

Kindly share this post

Most Reverend Lucius Ugorji, president of the Catholic Bishops’ Conference of Nigeria (CBCN), the Archbishop of Owerri has raised caution on the deployment of Artificial Intelligence.

Catholic Bishops’ Conference of Nigeria

Ugorji called for a balance that prioritises human welfare alongside technological progress, mindful of ethics and morals, as well as risks such as job displacement, threat to world peace, spread of falsehood through propaganda, manipulation of the human person, and privacy concerns through advanced hacking and deepfakes.

The clergyman raised the concern during the ComWeek Public Lecture in Abuja on Artificial Intelligence, noting that the exclusive use of technology in religious formation, pastoral care, and education has enhanced theological knowledge, accessibility and mission of the universal church.

Keynote Speaker at the event, Father Anthony Akinwale, deputy vice chancellor of Augustine University Lagos, dismissed the speculations that the intellectual roles of humans will be replaced by Artificial Intelligence, explaining that AI relied on humans to function and did not have a mind of its own to choose to or not to obey commands with which it was programmed.

Akinwale further cautioned that AI should be solely used for the common good of mankind and not for destructive purposes.

Most Reverend David Ajang, chairman on Social communication of the Catholic Bishops Conference, called for a reflection on the power of communication as a divine gift, “one that holds the potential to bridge divides, enlighten minds and unite hearts in the pursuit of truth and common good”.

 


Kindly share this post
Continue Reading

Telecom

9mobile Refreshes Its MoreBusiness ComboPak with Additional Benefits

Published

on

Kindly share this post

9mobile, Nigeria’s customer-centric telecommunications company has refreshed its ‘MoreBusiness ComboPak’ offerings with additional benefits to enable new and potential customers enjoy more value on calls, data, SMS and CUG for their Businesses.

The ‘MoreBusiness ComboPak’ product offering is a flexible and customizable plan with an array of add-on services. The plan gives customers benefits of extra cost-saving tariff within the bundle, and 100% bonus data upon repurchase of select bundles.

With the update, 9mobile customers on this plan will also enjoy free incoming calls while roaming on select networks in the following 10 countries: UK, UAE, South Africa, Kenya, Spain, Egypt, France, Germany, Turkey, and Saudi Arabia when they recharge ₦5,000 and above in a month.

A further benefit of the plan is the ‘Add-on solutions’. With this, companies and institutions will enjoy seamless business operations’ continuity and optimization through Close User Group (CUG), Fleet Tracking, Cloud PBX, Cloud Services, and Device Financing. Others are International Call Bundles, Roaming Bundles, and Special International Destinations Calling.

Commenting on the development, Nneka Owolabi, Director Enterprise Business, highlighted the telco’s unwavering commitment to ensure customers and subscribers enjoy premium customer experience, and wholesome value for their subscription on the 9mobile network.

“At 9mobile we have proven time and again that premium customer experience is important for us. It is the essence of our operations. That is why we have reintroduced the ‘MoreBusiness ComboPak’ for customers and subscribers, particularly businesses to enjoy value for their loyalty to us, and upscale their businesses”, he said.

Owolabi also stated that the ComboPak combines all business needs in one affordable bundle with cheaper voice calls, data subscription, SMS, and CUG, saying “It’s a ComboPak offering that keeps you, and your business stay ahead of trend”.

“What 9mobile ‘MoreBusiness ComboPak’ does is to create and sustain an ecosystem where people, in this case, customers and subscribers, and businesses run systematically with a combination of our tools efficiently. This is certain to revolutionize the way Nigerians communicate, stay connected, and transact businesses effectively”.

Subscribers to ‘MoreBusiness ComboPak’ plan will enjoy unique voice calls, SMS & data.

The service allows flexibility to move across packages based on your needs. For ₦1,000 ComboBasic bundle cost, customers will dial *246*4*33# to enjoy 60k/MB Browsing, 12k/sec in bundle calls, 12k/sec out of bundle calls, ₦2.60/SMS, and CUG; while for ₦1,000 ComboValue bundle cost, customers will dial *246*4*30# to enjoy 700MB, 30 National call minutes, 11k/sec out of bundle calls, 10 National SMS, and CUG.

For customers with ₦2,000 ComboPremier bundle cost, all they need to do is to dial *246*4*33# to enjoy 2.1GB, 60 National call minutes, 11k/sec out of bundle calls, 25 National SMS, and CUG. Customers subscribing to ₦5,000 ComboBlack bundle cost will enjoy benefits of 7GB, 300 National call minutes, 11k/sec out of bundle calls, 25 National SMS, and CUG.

The unique value adds on the ‘MoreBusiness ComboPak’ plan for customers also includes: Bundled Plans – for customers to enjoy flexible and customizable plans with an array of add-on services, and extra cost saving tariff within bundle.

Unlimited Add-ons – this is Add-on solutions – include CUG, Fleet Tracking, Cloud PBX, Cloud Services, Device Financing, Shared Data, International call bundles, Roaming Bundles, and Special International Destinations Calling, for customers.

This is in addition, to free data offer which is a 100% bonus data upon repurchase of select bundles.

Convenience has been embedded into the ComboPak plan for Subscribers also to check account balance by dialling *310#, and data balance by dialling *323#, while migration or opting out of the plan is absolutely free.


Kindly share this post
Continue Reading

Telecom

MTN Nigeria’s Uto Ukpanah Named Global Corporate Secretary of the Year

Published

on

Kindly share this post

MTN Nigeria’s Company Secretary, Uto Ukpanah, is the first ever winner of the “Global Corporate Secretary of the Year” award by the Corporate Secretaries International Association (CSIA). She was honoured with the award at an event on April 23rd, 2024, in Kuala, Lumpur, Malaysia.

The CSIA Global Awards was instituted to recognise the efforts of corporate secretaries and governance professionals that not only impact their organizations but also international platforms. Of the three main award categories- Global Corporate Secretary of the Year, Rising Corporate Secretary of the Year and Governance Professional of the Year, Uto was awarded the Global Corporate Secretary of the Year for her hard work, diligence and professionalism by a distinguished jury of expert practitioners and thought leaders in the corporate governance field.

Karl Toriola, Chief Executive Officer, MTN Nigeria congratulating her on the recognition said, “At MTN, we understand the critical role strong governance plays in driving sustainable growth and fostering trust among stakeholders. Uto’s exemplary leadership underscores our commitment to upholding the highest standards of integrity and transparency. We are proud of Uto’s commitment to corporate governance. She deserves the recognition.”

Ukpanah, the pioneer winner of this award has worked with MTN Nigeria for over 18 years. She is a corporate lawyer with extensive experience in company and commercial law. Her contributions in developing sustainable corporate governance structures in the private, public and not-for-profit sectors have been instrumental in fostering transparency and ethical business practices.

Ukpanah’s dedication to ethics and corporate social responsibility advisory services has positioned her as a respected leader in the industry, driving positive change and setting high standards for corporate excellence. This is seen in her active participation on the ‘Code of Corporate Governance Committee,’ ‘9to5 Woman,’ ‘Bankers Committee on Corporate Governance’, among others.


Kindly share this post
Continue Reading

Trending