Olumuyiwa Olowogboyega
6th April 2021 The logo of telecommunications company Airtel is pictured on an umbrella and chairs set up by vendors in Abuja, Nigeria July 9, 2019. REUTERS/Afolabi Sotunde.
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In 2020, there were 1.2 billion registered mobile money accounts in the world with the mobile money industry processing $2 billion daily. Mobile money users in Africa are responsible for a large chunk of that growth.
While Africa is a big market for mobile money, the Sub-Saharan (SSA) region is where most of the action is happening. SSA added 50 million new mobile money accounts in 2019 alone.
But what’s more remarkable is that of the 300 million monthly active mobile money users worldwide, 159 million are in SSA. The growth in users is translating to increased revenues for the telcos like Airtel Africa that offer mobile money services across Africa.