Summary

The Africa mobile money market size reached US$ 674.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,448.4 Million by 2032, exhibiting a growth rate (CAGR) of 19.3% during 2024-2032.

Mobile money is a payment type made using mobile phones. It is based on the accounts held by a mobile operator and is accessible from subscribers’ phones. Mobile money offers simple person-to-person transactions rather than complex banking transactions. Africa has the largest mobile money market across the globe with telecom operators embracing innovative practices that allow customers to pay bills and access services including loans, insurance and savings.

Mobile money provides various financial services to people who have limited access to traditional financial institutions especially to women and rural population. Growing mobile money providers in emerging markets such as Africa helps to boost the mobile money transactions in public and private sectors. Also, the high internet penetration rates will raise the mobile money transactions as well. Moreover, the ease of accessibility, 24/7 availability, security, lower transaction costs and user friendliness will accelerate the market growth in the forecast period in the region. Countries such as Kenya and Uganda have over half of the adult population using digital financial services. Apart from increasing access to financial services, the growing mobile money industry in African region has offered a new career path and additional income opportunities to many small-scale entrepreneurs as mobile banking agents. Further, with the mobile device becoming a regularly used device, mobile money services have prominently transformed the user’s payment and money transfer experiences.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Africa mobile money market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on technology, business model and transaction type.

Breakup by Technology:

USSD
Mobile Wallets
Others

Breakup by Business Model:

Mobile Led Model
Bank Led Model

Breakup by Transaction Type:

Peer to Peer
Bill Payments
Airtime Top-ups
Others

Currently, bill payments transaction type holds the highest share in the market.

Breakup by Country:

Tanzania
Kenya
Uganda
Ghana
Others

Kenya currently holds the largest market share.

Competitive Landscape:
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:

MTN
Orange
M-Pesa
Tigo-Pesa
Airtel Money

Key Questions Answered in This Report

1. What was the size of the Africa mobile money market in 2023?
2. What is the expected growth rate of the Africa mobile money market during 2024-2032?
3. What has been the impact of COVID-19 on the Africa mobile money market?
4. What are the key factors driving the Africa mobile money market?
5. What is the breakup of the Africa mobile money market based on technology?
6. What is the breakup of the Africa mobile money market based on the business model?
7. What is the breakup of the Africa mobile money market based on the transaction type?
8. What are the key regions in the Africa mobile money market?
9. Who are the key players/companies in the Africa mobile money market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Africa Mobile Money Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Technology
5.5 Market Breakup by Business Model
5.6 Market Breakup by Transaction Type
5.7 Market Breakup by Region
5.8 Market Breakup by Country
5.9 Market Forecast
5.10 SWOT Analysis
5.10.1 Overview
5.10.2 Strengths
5.10.3 Weaknesses
5.10.4 Opportunities
5.10.5 Threats
5.11 Value Chain Analysis
5.12 Porters Five Forces Analysis
5.12.1 Overview
5.12.2 Bargaining Power of Buyers
5.12.3 Bargaining Power of Suppliers
5.12.4 Degree of Competition
5.12.5 Threat of New Entrants
5.12.6 Threat of Substitutes
6 Market Breakup by Technology
6.1 USSD
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Mobile Wallets
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Others
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Business Model
7.1 Mobile Led Model
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Bank Led Model
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Transaction Type
8.1 Peer to Peer
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Bill Payments
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Airtime Top-ups
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Country
9.1 Tanzania
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Kenya
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Uganda
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Ghana
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market Trends
9.5.2 Market Forecast
10 Regulatory Framework
11 Competitive Landscape
11.1 Market Structure
11.2 Key players
11.3 Profile of key players
11.3.1 MTN
11.3.2 Orange
11.3.3 M-Pesa
11.3.4 Tigo-Pesa
11.3.5 Airtel Money
List of Figures
Figure 1: Africa: Mobile Money Market: Major Drivers and Challenges
Figure 2: Africa: Mobile Money Market: Transaction Value (in Million US$), 2018-2023
Figure 3: Africa: Mobile Money Market: Breakup by Technology (in %), 2023
Figure 4: Africa: Mobile Money Market: Breakup by Business Model (in %), 2023
Figure 5: Africa: Mobile Money Market: Breakup by Transaction Type (in %), 2023
Figure 6: Africa: Mobile Money Market: Breakup by Region (in %), 2023
Figure 7: Africa: Mobile Money Market: Breakup by Country (in %), 2023
Figure 8: Africa: Mobile Money Market Forecast: Transaction Value (in Million US$), 2024-2032
Figure 9: Africa: Mobile Money Industry: SWOT Analysis
Figure 10: Africa: Mobile Money Industry: Value Chain Analysis
Figure 11: Africa: Mobile Money Industry: Porter’s Five Forces Analysis
Figure 12: Africa: Mobile Money Market (USSD): Transaction Value (in Million US$), 2018 & 2023
Figure 13: Africa: Mobile Money Market Forecast (USSD): Transaction Value (in Million US$), 2024-2032
Figure 14: Africa: Mobile Money Market (Mobile Wallets): Transaction Value (in Million US$), 2018 & 2023
Figure 15: Africa: Mobile Money Market Forecast (Mobile Wallets): Transaction Value (in Million US$), 2024-2032
Figure 16: Africa: Mobile Money Market (Others): Transaction Value (in Million US$), 2018 & 2023
Figure 17: Africa: Mobile Money Market Forecast (Others): Transaction Value (in Million US$), 2024-2032
Figure 18: Africa: Mobile Money Market (Mobile Led Model): Transaction Value (in Million US$), 2018 & 2023
Figure 19: Africa: Mobile Money Market Forecast (Mobile Led Model): Transaction Value (in Million US$), 2024-2032
Figure 20: Africa: Mobile Money Market (Bank Led Model): Transaction Value (in Million US$), 2018 & 2023
Figure 21: Africa: Mobile Money Market Forecast (Bank Led Model): Transaction Value (in Million US$), 2024-2032
Figure 22: Africa: Mobile Money Market (Peer to Peer): Transaction Value (in Million US$), 2018 & 2023
Figure 23: Africa: Mobile Money Market Forecast (Peer to Peer): Transaction Value (in Million US$), 2024-2032
Figure 24: Africa: Mobile Money Market (Bill Payments): Transaction Value (in Million US$), 2018 & 2023
Figure 25: Africa: Mobile Money Market Forecast (Bill Payments): Transaction Value (in Million US$), 2024-2032
Figure 26: Africa: Mobile Money Market (Airtime Top-ups): Transaction Value (in Million US$), 2018 & 2023
Figure 27: Africa: Mobile Money Market Forecast (Airtime Top-ups): Transaction Value (in Million US$), 2024-2032
Figure 28: Africa: Mobile Money Market (Others): Transaction Value (in Million US$), 2018 & 2023
Figure 29: Africa: Mobile Money Market Forecast (Others): Transaction Value (in Million US$), 2024-2032
Figure 30: Tanzania: Mobile Money Market: Transaction Value (in Million US$), 2018 & 2023
Figure 31: Tanzania: Mobile Money Market Forecast: Transaction Value (in Million US$), 2024-2032
Figure 32: Kenya: Mobile Money Market: Transaction Value (in Million US$), 2018 & 2023
Figure 33: Kenya: Mobile Money Market Forecast: Transaction Value (in Million US$), 2024-2032
Figure 34: Uganda: Mobile Money Market: Transaction Value (in Million US$), 2018 & 2023
Figure 35: Uganda: Mobile Money Market Forecast: Transaction Value (in Million US$), 2024-2032
Figure 36: Ghana: Mobile Money Market: Transaction Value (in Million US$), 2018 & 2023
Figure 37: Ghana: Mobile Money Market Forecast: Transaction Value (in Million US$), 2024-2032
Figure 38: Others: Mobile Money Market: Transaction Value (in Million US$), 2018 & 2023
Figure 39: Others: Mobile Money Market Forecast: Transaction Value (in Million US$), 2024-2032
List of Tables
Table 1: Africa: Mobile Money Market: Key Industry Highlights, 2023 and 2032
Table 2: Africa: Mobile Money Market Forecast: Breakup by Technology (in Million US$), 2024-2032
Table 3: Africa: Mobile Money Market Forecast: Breakup by Business Model (in Million US$), 2024-2032
Table 4: Africa: Mobile Money Market Forecast: Breakup by Transaction Type (in Million US$), 2024-2032
Table 5: Africa: Mobile Money Market Forecast: Breakup by Country (in Million US$), 2024-2032
Table 6: Africa: Mobile Money Market: Competitive Structure
Table 7: Africa: Mobile Money Market: Key Players