Mobile money services are growing faster than expected globally, particularly in Africa, according to the GSMA’s annual State of the Industry Report on Mobile Money 2023. The GSMA Report funded by the Bill and Melinda Gates Foundation and published annually, shows that adoption rates are even faster than expected, with the number of registered mobile money accounts increasing by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022.
According to the 2023 report, one of the reasons for the popularity of mobile money services in Africa is the high mobile phone penetration rate. This means that some businesses are finding ways to reach and cater to the demands of their customers through mobile money services. The report shows that P2P transfers and cash-in/cash-out transactions are among the most popular use cases for mobile money, but bill payments using mobile money grew by 36 percent year-on-year, faster than any other use case.
One would think that after the pandemic, the demand for mobile money services would decrease, but that is not the case. Rather, it continues to grow. What this means for your business is that you can tap into this unique opportunity to expand your customer base by creating products and services that best suit the times and demand. GSMA has assured business owners that they don’t need to worry about the security or affordability of these services as they are collaborating with mobile operators and industry stakeholders around the world to build a robust mobile money ecosystem.
You can further prepare your business to take advantage of this opportunity by implementing an ERP system to enable you to track every transaction made through mobile money services and access reports on sales, inventory, income, and other key metrics. This will provide visibility and help you make better decisions as you continue to innovate and identify new opportunities for growth.
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