LAGOS - Mobile money is undergoing rapid growth in Africa, driven by improved access to technology, difficulties accessing traditional financial services and an increase in contactless payments related to the coronavirus (COVID-19) pandemic. Provided by telecommunication companies and supported by a network of licensed agents, mobile money services allow registered users to deposit cash into a virtual wallet, and use those funds for payments and purchases, including peer-to-peer (P2P) payments.

Number of smartphone subscriptions in Sub-Saharan Africa from 2011 to 2027

The number of smartphone subscriptions in Sub-Saharan Africa is expected to reach 798 million by 2027, based on steady growth seen in earlier years. There were 503.14 million smartphone subscriptions in Sub-Saharan Africa in 2021.

Mobile money transaction value in Africa 2020-2021

Eastern Africa saw the highest total value of mobile money transactions during 2021, with total transaction value amounting to 403.4 billion U.S. dollars. The total transactions value amounted to 701.4 billion U.S. dollars across the four regions during 2021.

Mobile money transactions value by region in 2020 and 2021

Mobile money users made one trillion U.S. dollars worth of transactions in 2021, with African nations accounting for the largest share of transaction value. Mobile money users in Sub-Saharan Africa as well as the Middle East and North Africa region, made transactions amounting to 711.4 billion U.S dollars in 2021.