Mobile Money Accounts Grow to 1.2 Billion in 2020
24/03/2021
24 March 2021, London: The GSMA has today published its annual State of the Industry Report on Mobile Money'. It reveals a dramatic acceleration in mobile transactions during the COVID-19 pandemic as lockdown restrictions limited access to cash and financial institutions. The report found that the number of registered accounts grew by 13 per cent globally in 2020 to more than 1.2 billion - double the forecast. The fastest growth was in markets where governments provided significant pandemic relief to their citizens.
Providing more opportunities in the formal economy
To minimise the economic toll of COVID-19, many national governments distributed monetary support to individuals and businesses. The value of government-to-person payments quadrupled during the pandemic, with the mobile money industry working hand-in-hand with administrations and NGOs to distribute social protection and humanitarian payments quickly, securely, and efficiently to those in need. Facilitating this type of direct income support payments is one example of how mobile money provides a financial lifeline to underserved communities. Mobile money providers have also provided in-kind support, including the distribution of personal protective equipment (PPE) and hand sanitising gel at agent counters.
We see that mobile money is a powerful tool for expanding the financial inclusion of women in low- and middle-income countries, said John Giusti, the GSMA's Chief Regulatory Officer. This year's report, however, found that across markets women are still 33 per cent less likely than men to have a mobile money account. The GSMA and its members are committed to closing this gender gap by addressing the barriers that prevent women from accessing and using mobile financial services.
Closing the gap requires a collaborative and concerted effort. Many providers have committed to increasing the proportion of female customers. One example of an innovative approach to this is launching micro-entrepreneur products that can be used in markets where women represent the majority of vendors and customers.
Increasing global financial equality
For the first time, more than $1 billion was sent and received in the form of remittances globally every month via mobile money. Despite early fears that transactions would decline as people worldwide suffered job losses and income cuts during the pandemic, it remains clear that diasporas continue to support family and friends back home. As a result, the total value of transactions increased by 65 per cent to an annual total of $12.7 billion in 2020.
In working towards achieving the Sustainable Development Goals (SDGs), the GSMA remains committed to reducing inequalities among countries when sending money internationally. According to GSMA's research, mobile money provides an affordable channel for connecting people to vital financial resources. The mobile money ecosystem has been strengthened by an increasing number of strategic partnerships established between money transfer organisations and mobile money providers.
Driving regulatory change
As the COVID-19 pandemic negatively impacted people's lives and weakened economies, regulators responded with a variety of measures aimed at reducing the impact. The research found that the pandemic gave fresh urgency to the need for regulatory change to facilitate greater digitalisation. In many markets, transaction limits were increased to allow more funds to flow through mobile money. Additionally, as demand rose for non-physical payments, some regulators classified mobile money agents and their supply chains as essential services. Over 50 per cent of mobile money agents were continuously active throughout the pandemic, which was crucial for service continuity and maintaining liquidity.
While some of the regulatory reforms made in response to the pandemic have been positive for customers and providers, the implementation and extension of fee waivers has had a negative impact on mobile money providers' core revenue stream. Mobile Money providers depend mainly on transactional revenues to sustain their business. Regulators are strongly encouraged to work closely with the industry to ensure sustainability going forward.
To find out more, download the 2021 State of the Industry Report on Mobile Money' here: https://www.gsma.com/mobilefordevelopment/resources/state-of-the-industry-report-on-mobile-money-2021. Further information on the GSMA's Mobile Money programme is available at: www.gsma.com/mobilemoney.
-ENDS-
Note to editors
The State of the Industry Report on Mobile Money draws on the results of the annual GSMA Global Adoption Survey of Mobile Financial Services and data from the GSMA Mobile Money Deployment Tracker. It provides insights on mobile money performance from the GSMA's engagement with the industry. The report is funded by the Bill and Melinda Gates Foundation.
About GSMA
The GSMA represents the interests of mobile operators worldwide, uniting more than 750 operators with almost 400 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organisations in adjacent industry sectors. The GSMA also produces the industry-leading MWC events held annually in Barcelona, Africa, Los Angeles and Shanghai, as well as the Thrive Series of regional conferences.
For more information, please visit the GSMA corporate website at www.gsma.com. Follow the GSMA on Twitter: @GSMA.
Media Contacts:
GSMA Press Office
pressoffice@gsma.com
Like what you read? Share.
LINK: | https://www.gsma.com/newsroom/press-release/mobile-money-accounts-grow... |
See more stories from gsma |
More from GSMA
26/03/2024
China's Leading Mobile Operators First To Commercially Launch New Fraud Reducing Password Service, After Receiving GSMA Open Gateway Certification
GSMA welcomes CITIC Telecom, Huawei and ZTE as Channel Partners 26 March 2024, Beijing: China's three leading mobile operators - China Mobile, China Telec...
26/03/2024
China's 5G market is set to add almost $260 billion to the Chinese economy in 2030 with connections set to top 1 billion this year
At the Post-MWC Sharing Event in Beijing, leaders from the GSMA contextualised t...
20/03/2024
European Mobile Operators and GSMA Unveil a Pioneering Manifesto for Europe's Digital Future
A new digital infrastructure framework that fosters investment, innovation, and ...
19/03/2024
Maturing Global Mobile Money Market Hits $1.4tn in Transaction Value
New GSMA report finds mobile money is fueling economic growth and expansion of financial services in Sub-Saharan Africa. 19 March 2024, London: Mobile money ...
12/03/2024
Women in the Digital Economy Fund: USAID, the Bill & Melinda Gates Foundation, and Partners Launch WiDEF
NEW YORK, MARCH 12, 2024 - The Women in the Digital Economy Fund (WiDEF), a five...
04/03/2024
GSMA MWC Barcelona 2024 Closes with Over 101,000 Attendees
MWC Barcelona brought together connectivity leaders from 205 countries and territories, exploring industry topics including AI, the usage gap, GSMA Open Gateway...
28/02/2024
5G Momentum Continues with 1.6 Billion Connections Worldwide, Rising to 5.5 Billion by 2030, According to GSMA Intelligence
Industry opportunities driven by developments in 5G Standalone, 5G-Advanced, ent...
27/02/2024
GSMA and Shields Unveil New Commerce Platform to Help Telecoms Industry Meet Environmental and Financial Sustainability Targets
The GSMA Equipment Marketplace cloud-based platform will help telecommunication ...
27/02/2024
European Networks Leading Race to Net Zero with North America, MENA & LATAM Accelerating, New GSMA Climate Report Reveals
The GSMA's 2024 Mobile Net Zero report spotlights regional leaders in cuttin...
27/02/2024
Asisat Oshoala Calls on Governments to Improve Digital Literacy Initiatives and Close the Usage Gap
Six-time and reigning African Women's Footballer of the Year uses MWC Barcel...
26/02/2024
GSMA Open Gateway Launch in Germany: Mobile Operators Open up New Business Models with Network API Launch
Deutsche Telekom, O2 Telef nica and Vodafone are launching SIM Swap and Number V...
26/02/2024
GSMA Open Gateway Goes From Strength-to-Strength with Worldwide Commercial Launches, More Operators and New Go-to-Market Channels
More than 40 mobile operator networks across five continents have now commercial...
26/02/2024
GSMA MWC Barcelona Brings Industries Together for Four Days of Discussion and Debate on the Future of Connectivity
MWC Barcelona 2024 welcomes the most iconic names in connectivity for nine keyno...
26/02/2024
GSMA and UK FCDO Deepen their Commitment to Digital Development Through Renewed 37.3M Funding Partnership
New phase of the strategic partnership to support GSMA Mobile for Development...
22/02/2024
South African mobile operators announce new services to combat fraud, as part of GSMA Open Gateway initiative
Telecommunications operators Cell C, MTN, and Telkom welcome launch of two unive...
22/02/2024
Enhancing Security and Customer Experience, Indonesian Telecom Operators to Launch Three Service APIs Through the GSMA Open Gateway Initiative
Jakarta, 22 February 2024. As part of the global GSMA Open Gateway initiative, f...
06/02/2024
SPANISH MOBILE INDUSTRY TO LAUNCH ONLINE ANTI-FRAUD AND IDENTITY SERVICES THROUGH GSMA OPEN GATEWAY INITIATIVE
Orange, Telefonica, and Vodafone will open their mobile networks to developers w...
25/01/2024
GSMA unveils new keynote speakers and features for MWC Barcelona 2024
Speakers include leaders from Accenture, Dell Technologies, Microsoft and the United Nations; as well as Nobel Prize laureate, Sir Konstantin Sergeevich Novosel...
15/12/2023
GSMA HAILS GROUNDBREAKING SPECTRUM DECISIONS AT WRC-23
Spectrum decisions at the ITU's World Radiocommunication Conference 2023 clear the path for a bright digital future for billions worldwide 15th December 2...
11/12/2023
THE GSMA LAUNCHES ITS NEWEST INNOVATION FUND TO ADDRESS HUMANITARIAN CHALLENGES
Applications for the GSMA's Humanitarian Innovation Fund, which has distributed over £5 million since 2017, are now open to start-ups, SMEs and social enter...
08/12/2023
INDONESIA MUST ACCELERATE DELIVERY OF DIGITAL STRATEGY TO ACHIEVE GOVERNMENT'S TOP 10 GLOBAL ECONOMY BY 2030 AMBITIONS, SAYS GSMA REPORT
The new report from the GSMA, published at its Indonesia Digital Nations Summit ...
05/12/2023
GSMA M360 MENA COMMENCES IN RIYADH AS NEW REPORT CONFIRMS 5G IS DRIVING GDP GROWTH IN THE REGION
The GSMA celebrates the start of proceedings with the publication of its annual ...
28/11/2023
BRAZILIAN MOBILE INDUSTRY LAUNCHES THREE ANTI-FRAUD NETWORK SERVICES AND BECOMES PIONEER FOR GSMA OPEN GATEWAY
With this initiative, Claro, TIM, and Vivo will open their networks to developer...
23/11/2023
EUROPEAN MOBILE DATA TRAFFIC WILL TRIPLE IN NEXT FIVE YEARS, DRIVING CONTINUED PRESSURE ON NETWORK INVESTMENT, NEW GSMA REPORT PREDICTS
The GSMA's annual European Mobile Economy Report shows that mobile contribut...
09/11/2023
GSMA WARNS OF $14BN (IDR 216TN) PRODUCTIVITY LOSS TO INDONESIAN ECONOMY UNLESS FUTURE MOBILE SPECTRUM PRICES ARE SUSTAINABLE
New GSMA Intelligence research reveals mobile spectrum costs in Indonesia have r...
17/10/2023
GSMA MWC KIGALI OPENS ITS DOORS AS MOBILE OPERATORS AND POLICYMAKERS CONVENE TO ENABLE INVESTMENT AND CLOSE THE MOBILE USAGE GAP ACROSS AFRICA
The GSMA shared the findings of its annual Mobile Economy Sub-Saharan Africa Rep...
11/10/2023
SMARTPHONE OWNERS ARE NOW THE GLOBAL MAJORITY, NEW GSMA REPORT REVEALS
The GSMA's sixth annual State of Mobile Internet Connectivity Report includes several first-time pieces of global and regional analysis, including the numbe...
09/10/2023
HIS EXCELLENCY PRESIDENT PAUL KAGAME TO OPEN MWC KIGALI 2023
Secure your spot and register today to attend MWC Kigali, 17-19 October 2023 9 October 2023, London: The GSMA is delighted to announce that His Excellency Pau...
29/09/2023
A Lively MWC Las Vegas in Partnership With CTIA Lit Up Debate Across the Mobile Ecosystem, Vertical Industries and Start-ups
The 2023 edition of GSMA MWC Las Vegas saw a rise in attendees from vertical ind...
26/09/2023
MWC LAS VEGAS IN PARTNERSHIP WITH CTIA KICKS OFF WITH A SPOTLIGHT ON 5G ACCELERATION, ENTERPRISE MOBILITY, AGE OF AI AND DIGITAL EVERYTHING
5G set to become the dominant mobile technology in North America by the end of 2...
18/09/2023
MWC BARCELONA 2023 EXCEEDS PRE-EVENT EXPECTATIONS TO GENERATE 461mn FOR BARCELONA'S ECONOMY
World's largest and most influential connectivity event also exceeded pre-ev...
16/09/2023
IMPROVEMENTS IN MOBILE CONNECTIVITY CORRELATE TO GREATER IMPACT TOWARDS SUSTAINABLE DEVELOPMENT GOALS, ACCORDING TO GSMA REPORT
The GSMA's eighth SDG impact report, published at the halfway point to the 2...
07/09/2023
GSMA M360 APAC RETURNS WITH DEBUT EDITION IN SEOUL SOUTH KOREA
The annual conference opens with the launch of the GSMA's Digital Societies in Asia Pacific Report 7 September 2023, Seoul: The GSMA M360 APAC event return...
27/07/2023
GSMA MWC LAS VEGAS IN PARTNERSHIP WITH CTIA: THE MUST-ATTEND EVENT FOR MOBILE AND TECHNOLOGY INDUSTRIES
Registration is open for MWC Las Vegas press passes 27 July 2023, London: The G...
25/07/2023
ASIA PACIFIC TO SEE TENFOLD RISE IN 5G MOBILE CONNECTIONS BY 2030 AS DIGITAL TRANSFORMATION GATHERS PACE, GSMA REPORT REVEALS
However, despite 96% mobile broadband coverage across the region, barriers in ce...
24/07/2023
THE MOBILE ECONOMY ASIA PACIFIC REPORT
Asia Pacific to see tenfold rise in 5G mobile connections by 2030 as digital transformation gathers pace, GSMA report reveals However, despite 96% mobile broad...
12/07/2023
GSMA AND EUROPEAN SPACE AGENCY LAUNCH NEW COMMUNICATIONS INNOVATION PARTNERSHIP
New Collaboration Will Look to Accelerate Advancements in Satellite and Terrestrial Communications Network Integration 12 July 2023, OXFORDSHIRE: The GSMA and ...
30/06/2023
MWC SHANGHAI 2023 WRAPS UP 10TH ANNIVERSARY EVENT AFTER THREE DAYS OF COLLABORATION, INSIGHTS AND INNOVATION
MWC Shanghai 2023 welcomed nearly 37,000 delegates from 115 countries and territ...
28/06/2023
GSMA MWC SHANGHAI OPENS ITS DOORS FOR 10th ANNIVERSARY EDITION
MWC Shanghai convenes global leaders from the mobile ecosystem at the SNIEC to celebrate the first fully in-person iteration of the event since 2019 28 June 20...
27/06/2023
MOBILE INDUSTRY EYES FIVE BILLION DORMANT' PHONES SITTING IN DESK DRAWERS FOR REUSE OR RECYCLING
12 leading global operators and the GSMA agree pace-setting ambitions in the ind...
26/06/2023
CHINA'S THREE LARGEST MOBILE OPERATORS JOIN GSMA OPEN GATEWAY INITIATIVE
Global initiative to help mobile industry, developers and cloud providers collaborate on development of universal network APIs now supported across all continen...
25/06/2023
GSMA WELCOMES LEADING CHINESE OPERATORS TO GLOBAL OPEN GATEWAY INITIATIVE AHEAD OF MWC SHANGHAI
25 June 2023, Shanghai: The GSMA today hosted a press conference ahead of MWC Sh...
31/05/2023
100 MILLION WOMEN PER YEAR WILL NEED TO ADOPT MOBILE INTERNET TO CLOSE THE GENDER GAP BY 2030, GSMA REPORT REVEALS
The sixth annual Mobile Gender Gap Report evaluates mobile ownership and mobile ...
19/05/2023
Telecom sector joins forces in call for new policies to drive EU connectivity leadership
Brussels, London, 19 May 2023 - The GSMA and ETNO, industry associations represe...