StateoftheIndustryReportonMobileMoney

2021

Copyright?2021GSMAssociation

MobileMoney

TheGSMArepresentstheinterestsofmobileoperatorsworldwide,unitingmorethan750operatorswithalmost400companiesinthebroadermobileecosystem,includinghandsetanddevicemakers,softwarecompanies,equipmentprovidersandinternetcompanies,aswellasorganisationsinadjacentindustrysectors.TheGSMAalsoproducestheindustry-leadingMWCeventsheldannuallyinBarcelona,Africa,LosAngelesandShanghai,aswellastheThriveSeriesofregionalconferences.

Formoreinformation,pleasevisittheGSMAcorporatewebsiteat

FollowtheGSMAonTwitter:

@GSMA

TheGSMA’sMobileMoneyprogrammeworkstoacceleratethedevelopmentofthemobilemoneyecosystemfortheunderserved.

Formoreinformation,pleasecontactus:

Web:/mobilemoney

Twitter:@GSMAMobileMoney

Email:mobilemoney@

Authors

SimonK.Andersson-Manjang

NikaNaghavi

TheStateoftheIndustryReportonMobileMoney2021waspreparedbythedatateamoftheGSMAMobileMoneyprogramme.TheteamisledbySimonK.Andersson-ManjangandcomprisedTapiwaJakachira,KavitaTailorandJulianHoffmannandsupportedbyEmilyNormanandOluOmobitan.

GSMAMobileforDevelopment(M4D)Contributors

BelindaBaah,KennedyKipkemboi,DominicaLindsey,BrianMuthiora,AnantNautiyal,VijiPathy,Bart-JanPors,DanieleTricaricoandZachWhite

TheStateoftheIndustryReportonMobileMoney2021isbasedondatacollectedfromtheGlobalAdoptionSurvey2020.

Thetitleofthereporthasbeenupdatedtoreflectthelaunchdate.

THEMOBILEMONEYPROGRAMMEISSUPPORTEDBYTHEBILL&MELINDAGATESFOUNDATION.

StateoftheIndustryReportonMobileMoney2021

Foreword

WhentheCOVID-19pandemictookholdinearly2020,itquicklybecameclearthatmobiletechnology,andmobilemoneyinparticular,wouldhaveanoutsizedroletoplayinkeepingpeopleconnected,deliveringvitalfinancialsupportandprovidingsafe,no-contactwaystopayforfood,electricityandotherlifeessentials.Withmorethan$2billionbeingtransactedeveryday,mobilemoneybecameapartofanewdailyroutineformillionsaroundtheworld.

WhileCOVID-19affectedusall,itdidnotdosoequally.Thosehithardestwerealreadythemostvulnerable–livinginpoverty,affectedbycrisisandfinanciallyexcluded.COVID-19magnifiedthesedisparities,creatingnewdevelopmentchallengesandexacerbatingexistingones.Withover1.2billionregisteredaccountsand300millionmonthlyactiveaccounts,mobilemoneyprovidersbecameanintegralpartofthenationalCOVID-19responseinmanymarkets,offeringasecureandreadychanneltodisbursepandemicreliefpaymentstothepublicquickly,securelyandefficiently.

Manyofthesocio-economicanddevelopmentchallengesarisingfromthepandemicarebeingtackledwithmobilemoneytools,andtheGSMAisprovidingsupportthroughavarietyofinitiativesandpartnerships.

InlinewithGSMA’seffortstoencourageecosystemdevelopmentandenableinclusiveandinterconnectedmobilefinancialinfrastructures,theGSMAlaunchedtheInteroperabilityTestPlatform,thefirstend-to-endlabenvironmentofitskindforindustryparticipantstotestinaninteroperableecosystem.TheMobileMoneyCertificationiscontinuingtoprovideacomprehensiveAML/CFTandfraudriskmanagementandconsumerprotectionframework,withcertifiedprovidersreachingover210millionaccounts.

Inthehumanitariansector,theshiftfromin-kindaidtocashandvoucherassistance(CVA)pickedupspeedashumanitarianassistancehadto

bedeliveredrapidlyandsafelytomorepeoplethaneverbefore.In2020,theGSMAexpandedapartnershipwiththeWorldFoodProgramme(WFP)toimproveCVAforthoseaffectedbycrisis.

With5.2billionmobileusersworldwide,themobileindustryhasthereachandinnovationitwilltaketodeepenfinancialinclusionandbuildmoreequitablesocieties.TheGSMAremainscommittedtoachievingtheUNSustainableDevelopmentGoals(SDGs),andourInnovationFundsarehelpingdigitalpioneersdelivercleanenergysolutions,vitalhealthinformation,life-changingtoolsforfarmersandopportunitiesforwomentoparticipateasequalpartnersinadigitalsociety.

Thisyear’sStateoftheIndustryreportexploreshowthemobilemoneyindustryhasembraceddisruptionandbuiltresilienceoverthepastyear.Thesolutionsthatemergedandthegrowththatoccurreddespitethepandemicareatestamenttotheindustry’sstrongpartnerships.Theserelationshipsenabledmobilemoneyproviderstomovequickly,sustaintheiroperationsandcontributetomorerobustlocaleconomiesandcommunities.

Wearedelightedtosharethe2021StateoftheIndustryReportonMobileMoney,whichispreparedincollaborationwiththemobilemoneyindustry,andproducedwiththegeneroussupportoftheBill&MelindaGatesFoundation.

MatsGranryd

DirectorGeneral,GSMA

Foreword 1

StateoftheIndustryReportonMobileMoney2021

2

StateoftheIndustryReportonMobileMoney2021

Contents

ExecutiveSummary

4

Mobilemoneyin2020andbeyond:embracingdisruptionandbuildingresilience

11

Steadyadoptiononallfronts

14

Activeaccountsand“financialdemarginalisation”

17

Transactionvaluescontinuetogrow

20

COVID-19regulatoryresponsesandpolicyinterventions

24

Maintainingliquidityinacrisis

27

Mobilemoneyin2020andbeyond:adaptingandthrivinginanewmobilemoney

31

landscape

Merchantpayments

32

Bulkpayments

34

Internationalremittances

36

Interoperability

38

TheeffectofCOVID-19onmobilemoneyeconomics

41

Howmobilemoney-enabledadjacentservicescanfosterfinancialresilience

43

Mobilemoneyin2020andbeyond:meetingthesocio-economicchallengesof

53

COVID-19

Adaptingtoanewrealityandredefininghumanitarianassistance

53

Increasingaccesstoessentialutilityservices

56

Expandingwomen’saccesstofinancialservices

61

Boostingfinancialinclusionforsmallholderfarmersthroughagricultural

63

enterprisetools

Conclusion

67

Appendix

68

3

StateoftheIndustryReportonMobileMoney2021

ExecutiveSummary

Inayearofglobalupheaval,mobilemoneyprovidedafinanciallifeline

2020wasayearlikenoother.Ineveryregionoftheworld,COVID-19triggeredamixofresponses,fromschoolandworkplaceclosurestorestrictionsonmovementtocompletelockdown.Allatonce,handlingcash,payingfordailyessentialsandconductingbusinessinpersonbecamerisky,andmorepeoplethaneverturnedtomobilemoneyasasaferoption.

Formobilemoneyproviders,thepandemiccreatedamorecomplexoperatingenvironment.Withconsumerspendingdownandtransactionfees

waived,providersfounditdifficulttoreapthecommercialbenefitsofhighermobilemoneyusageandawidespreadshiftfromcashtodigital.However,theindustryprovedresilientasprovidersdidtheirutmosttokeepeconomiesgoingandprovideanessentialservicetopeopleinneed.

TheStateoftheIndustryreportlooksatwhatthisyearofupheavalhasmeantformobilemoneyproviders,agentnetworksandthemillionsofnewandexistingcustomersthatembracedmobilemoneyin2020asasafeandsecurefinanciallifeline.

Thereportexaminesthemajorindustrytrendsin2020.

Moreaccounts,moreactivity

In2020,thenumberofregisteredaccountsgrewby12.7percentgloballyto1.21billionaccounts–doubletheforecastedgrowthrate.Apartfromchangesinconsumerbehaviour,thisimpressiveuptakewasduetoregulatorsimplementingmoreflexibleKnowYourCustomer(KYC)processesandrelaxingon-boardingrequirementstomakeiteasiertoopenanaccount.Thefastestgrowthwasinregionswheregovernmentsprovidedsignificantpandemicrelieftocitizens.

Accountactivitygrewatanevenfasterrate.Therearenowover300millionmonthlyactivemobilemoneyaccounts.Notonlyarecustomersusingtheiraccountsmorefrequently,buttheyareusingthemfornewandmoreadvancedusecases.Thissuggeststhatmoreandmorepeoplearemovingaway

fromthemarginsoffinancialsystemsandleadingincreasinglydigitallives.

Transactionvaluesalsogrewacrosstheboardasmoremoneycirculatedandwascashed-inandcashed-outthaneverbefore.Forthefirsttime,theglobalvalueofdailytransactionsexceeded$2billiondollars,andisexpectedtosurpass$3billionadaybytheendof2022.

Strongerpartnershipsareacceleratingtheshifttodigital

Tominimisethehumanandfinancialtollofthepandemicandkeepeconomiesafloat,nationalgovernmentsdistributedunprecedentedmonetaryandfiscalsupporttoindividualsandbusinesses.Thevalueofgovernment-to-person(G2P)paymentsquadrupledduringthepandemicasthemobilemoneyindustryworkedhandinhandwithgovernmentsandnon-governmentalorganisations(NGOs)todistributesocialandhumanitarianpaymentsquickly,securelyandefficientlytothoseinneed.Asremoteoperationsbecomemoreimportant,collaborationwithlendersandinsuranceprovidersarealsoexpectedtoincrease.

Agentnetworksareanessentialservice

Agentnetworkshavealwaysbeenacorepartofthemobilemoneyindustry,butduringthepandemictheyprovedcritical.Asdemandrosefornon-physicalpayments,someregulatorsdeclaredmobilemoneyagentsanessentialservice.Throughthepandemic,mobilemoneyprovidersinvestedinkeepingagentnetworksopenandsafebyprovidinghandwashingstationsandpersonalprotectiveequipment(PPE)toagentoutlets.

4 ExecutiveSummary

StateoftheIndustryReportonMobileMoney2021

Internationalremittancesscaledupsignificantly

Internationalremittancesprocessedviamobilemoneyincreasedby65percentin2020.Forthefirsttime,over$1billionisbeingsentandreceivedeverymonth.Despitefearsthatremittanceswoulddeclineaspeoplearoundtheworldsufferedjoblossesandincomecuts,itseemsclearthatdiasporasaroundtheworldcontinuedtousemobilemoneytocometotheaidofthosebackhome.

Merchantpaymentshavetakenaleapforward

Asmoreconsumersbecameuncomfortablehandlingcash,manyturnedtomobilemoneytopurchasefood,clothingandotheressentialproductsandservices.Thisundoubtedlycontributedtoanuptickinmerchantpayments.Thevalueofmobilemoneymerchantpaymentsgrewby43percentcomparedto28percentinthepreviousyear.Onaverage,$2.3billioninmerchantpaymentsweretransactedpermonthin2020,andQRcodesbecamethesecond-mostofferedchannelformerchantpaymentsafterUSSD.

Interoperabilityisbringingmorepeopleintotheformaleconomy

Overthepastfiveyears,thevalueoftransactionsbetweenmobilemoneyplatformsandbanksgrewfourfold,reaching$68billionin2020,upfromjust$15billionin2015.Duringthisperiod,theamountofmoneyflowingbetweenthetwosystems

hasremainedinclosebalance,highlightingthecomplementaryrelationshipbetweenbanksandmobilemoneyservices.

Theregulatorylandscapeisshifting

RegulatoryresponsestoCOVID-19differedsignificantlybetweencountries.InmarketswherestreamlininganddigitisingKYCprocesseshadstalled,thepandemichasgivenfreshurgencytoregulatorychange.Inmanymarkets,transactionlimitswereincreasedtoallowmorefundstoflowthroughmobilemoney,directlyreducingtheneedforday-to-daycashtransactions.Thereportwillalsolookattheimpactoffeewaiversoncorerevenues,which,ifprolonged,couldposeaseverethreattothesustainabilityoftheindustry.

Asalways,theStateofthe

Industryreportisasnapshot

ofayearinthemobile

moneyindustry.Inayearof

unexpectedandsweeping

change,thechallengesand

strategiesweredifferent,but

thefocusremainsthesame:

aninclusivedigital

futureforall.

ExecutiveSummary 5

StateoftheIndustryReportonMobileMoney2021

MOBILEMONEYIN2020

Over

1.2bn

$2bn

processeddaily

registeredmobile

bythemobile

moneyaccounts

moneyindustry

300million17%increase

monthlyactiveaccounts

year-on-year

5.2m

Morethan

uniqueagent

$1bn

outletsglobally

internationalremittances

processedpermonth

310

65%year-on-year

increase

mobilemoney

$500m

deployments

arelivein96countries

digitisedperday

byagentsglobally

6

StateoftheIndustryReportonMobileMoney2021

2020GLOBALOVERVIEW

REGISTERED ACTIVE30-DAY TRANSACTION TRANSACTION REGISTERED ACTIVE

ACCOUNTS ACCOUNTS VOLUME VALUE(US$) AGENTS AGENTS

1.2bn

300m

41bn

767bn

9.1m

4.8m

13%

17%

15%

22%

14%

18%

MONTHLYVALUESNAPSHOT

December2020

12%Digitalin

24%Cash-in

19%Cash-out

33%Circulating

12%Digitalout

$70bn

Dec2020

1%Incominginternationalremittances

6%Bulkdisbursements

5%Bank-to-mobiletransactions

5%Billpayments

4%Mobile-to-bankpayments

1%Airtimetop-up

1%P2Poff-netpayments

<1%Outgoinginternationalremittances

4%Merchantpayments

29%Person-to-persontransfers

7

StateoftheIndustryReportonMobileMoney2021

REGIONALGROWTHIN2020

LIVE REGISTERED ACTIVE TRANSACTION TRANSACTION

SERVICES ACCOUNTS ACCOUNTS VOLUME VALUE(US$)

GLOBAL

310

1.2bn

300m

41.4bn

767bn

13%

17%

15%

22%

EASTASIA

49

243m

52m

5.4bn

111bn

ANDPACIFIC

24%

20%

26%

34%

EUROPEAND

9

21m

4m

234m

4.0bn

CENTRALASIA

6%

11%

15%

13%

LATINAMERICAAND

30

39m

16m

701m

19.8bn

THECARIBBEAN

38%

67%

35%

30%

MIDDLEEASTAND

29

56m

3m

146m

10.5bn

NORTHAFRICA

9%

35%

-63%

26%

SOUTH

36

305m

66m

7.5bn

131bn

ASIA

5%

5%

8%

10%

SUB-SAHARAN

157

548m

159m

27.4bn

490bn

AFRICA

12%

18%

15%

23%

8

StateoftheIndustryReportonMobileMoney2021

AFRICANGROWTHIN2020

LIVE REGISTERED ACTIVE TRANSACTION TRANSACTION

SERVICES ACCOUNTS ACCOUNTS VOLUME VALUE(US$)

AFRICA

171

562m

161m

27.5bn

495bn

12%

18%

15%

23%

WEST

70

198m

47m

6.4bn

178bn

AFRICA

19%

23%

29%

46%

SOUTHERN

14

11m

3m

284m

3.0bn

AFRICA

24%

28%

43%

24%

NORTH

AFRICA

CENTRAL

AFRICA

14 14m 1m 77m 5.4bn

16% 22%29%37%

16

46m

16m

2.2bn

35.7bn

2%

10%

30%

23%

EAST

57

293m

94m

18.6bn

273bn

AFRICA

9%

16%

10%

11%

9

StateoftheIndustryReportonMobileMoney2021

10 Embracingdisruptionandbuildingresilience

StateoftheIndustryReportonMobileMoney2021

Mobilemoneyin2020andbeyond

Embracingdisruptionandbuildingresilience

Thestartofthenewdecadesawtheworldgrindingtoahalt.WhentheCOVID-19pandemictookholdandbeganspreadingacrosstheglobeinearly2020,itquicklybecamemuchmorethanahealthcrisis.Italsocreatedanunprecedentedhuman,economicandsocialcrisisthatrockedsocietiestotheircore.TheGreatLockdownof2020createdtheworstrecessionsincetheGreatDepression,pushingmillionsintopovertyandprecarityasbusinessesclosedandjobswerelost.

Themagnitudeandspeedofthecrisisunderminedglobalfinancialstabilityandbroughteconomiclifetoastandstill,particularlyinlow-andmiddle-incomecountries(LMICs)wheretheinformaleconomydominates.Tocontainthehumanandfinancialtollofthepandemic,nationalgovernmentstookboldsteps,notonlyinjectingfinancingintoadditionalhealthandemergencyservices,butalsodistributingextraordinarylevelsofmonetaryandfiscalsupport.1

ThemostvulnerableandhardesthitbyCOVID-19werethoselivingincircumstancesthatmadesocialdistancingimpossibleoringeographieswherethesesupportswerenotavailable.Eventhosewhocouldbenefitfromgovernmentandhumanitariansupportwerelikelytohavemoredifficultyaccessingit.Lackofaccountownershipataformalfinancialinstitutionwasthegreatestbarrier.Inthiscontext,universalaccesstofinancialservicesbecamemorecriticalthanever.

Thereisampleevidenceofthebenefitsofdigitalfinancialservices,includinggreaterfinancialinclusionandstrongerGDPgrowth.2InLMICs,mobilemoneyisfarmoreaccessiblethananyothertypeofdigitalfinancialservice(includingapp-basedplatforms),particularlyoutsideurbancentres.With310liveservicesin96countries,mobilemoneyisnowavailableinmostmarketswhereaccesstofinancialservicesislow(seeFigure1).

Mobilemoneyprovidersalsohavetwonoteworthyadvantagesoverotherdigitalfinancialservices:excellentknowledgeoflocalmarketsandstrongpartnershipsandcollaborationswithfintechs,banks,governmentsandotherkeystakeholders.Thesecapabilitiesandassetsputtheminastrongpositiontoweatherthestormandbuildresilienceintolocaleconomiesandsocieties.Asaresult,inmanymarkets,mobilemoneyprovidersbecameanintegralpartofthenationalCOVID-19responseandprovidedacriticalpathtodeliveringfinancialassistancequickly,safelyandefficiently.

$11.5trillioninfiscalactionsandabout$7.5trillioninmonetaryactionsasofSeptember2020ingeographieswhereconditionsandbudgetallowed.See:

/external/pubs/ft/ar/2020/eng/downloads/imf-annual-report-2020.pdf

Sahay,R.,etal.(2020).

ThePromiseofFinTech:FinancialInclusioninthePost-COVID-19Era

.InternationalMonetaryFund(IMF).

Embracingdisruptionandbuildingresilience 11

StateoftheIndustryReportonMobileMoney2021

Figure1

Numberofmobilemoneyservicespercountry,20203,4

310services

in96countries

1service 2services 3services 4services 5ormore

services

Fromtheonsetofthepandemic,mobilemoneyprovidersactedurgentlytomoderatethedamagetocitizens,governmentsandbusinesses.Whilesomewereshort-termmeasures,manylaidafoundationforfuturegrowthandafastertransitionfromcashtodigitalpayments.Thissectionhighlightsglobal

industrytrendsduringthepandemic,includingregulatoryandpolicyresponsestoCOVID-19,aswellasimportantregionalvariations.Weunpackhowtheindustryembracedthedisruptionandbecamemoreresilient,includingscalingupmobilemoneyadoptionanduse.

GSMAMobileMoneyDeploymentTracker:/mobilemoneymetrics/

Note:thenumberofservicesavailableinacountryshouldnotbeseenorusedasaproxyformobilemoneypenetrationofthepopulation.

12 Embracingdisruptionandbuildingresilience

StateoftheIndustryReportonMobileMoney2021

Embracingdisruptionandbuildingresilience 13

StateoftheIndustryReportonMobileMoney2021

Steadyadoptiononallfronts

Despitethechallengesanddisruptionsitcaused,COVID-19triggeredawidespreadshiftintheadoptionofdigitaltools.Allatonce,morepeoplewereusingmobileservicesoutofnecessity.Restrictionsonmovementandthepotentialrisksofhandlingcashledconsumerstoquicklyturntodigitalpaymentsasasaferandmoreaccessibleoption.

In2020,thenumberofregisteredmobilemoneyaccountsgrewby12.7percentglobally,withover136millionaddedinjustoneyear.Thisgrowthwastwiceashighasexpectedandexceededlastyear’sforecastby6.4percentagepoints–takingthetotalnumberofregisteredaccountsgloballyto1.21billion.Apartfromachangeinconsumerbehaviour,thisimpressiveuptakewasalsoduetoregulatorsimplementingmoreflexibleKnowYourCustomer(KYC)processesandrelaxedon-boardingrequirements.

Aspredictedinlastyear’sStateoftheIndustryreport,registeredaccountsinAfricacomfortablysurpassedthehalfbillionmark.Sub-SaharanAfricahasbeenattheforefrontofthemobilemoneyindustryforoveradecade,andin2020continuedtoaccountforthemajorityofgrowth(43percentofallnewaccounts)(seeFigure2).Bytheendoftheyear,therewere548millionregisteredaccountsintheregion,over150millionofwhichwereactiveonamonthlybasis.AlthoughabsolutegrowthwashighestinWestandEastAfrica,SouthernAfricagrewthefastestat24percentyearonyear.

Figure2

Netadditionstoregisteredaccounts

34%

18%

<1%

2%

Additions

Additionsby

43%

Sub-Saharan

byregion

Africanregion

1%

22%

8%

3%

11%

Sub-Saharan

South

MiddleEastand

East

Central

Africa

Asia

NorthAfrica

Africa

Africa

LatinAmerica

Europeand

EastAsia

Southern

West

andthe

CentralAsia

andPacific

Africa

Africa

Caribbean

14 Embracingdisruptionandbuildingresilience

StateoftheIndustryReportonMobileMoney2021

EastAsiaandPacificalsoexperiencedsignificantgrowth,contributingto34percentofallnewaccounts,thankstostronggrowthinSoutheastAsiainparticular.Morethanhalfoftheservicesintheregionnowhaveoveronemillionregisteredaccounts.InSouthAsia,registeredaccountsgrewbyfivepercenttosurpass300millionregisteredmobilemoneyaccountsforthefirsttime.ThismeansthatoneinfourregisteredmobilemoneyaccountsgloballyarenowinSouthAsia.

TheMiddleEastandNorthAfricasawthelargestadditioninregisteredaccountsinabsolutetermsoverthelastfiveyears.Thisistheresultofbothnewandrenewedeffortsbyindustryplayersacrosstheregion.

Finally,LatinAmericaandtheCaribbeanhadthefastestgrowthofanyregionforregistered(38percent)andactiveaccounts(67percent).Thiswasdriveninpartbysignificantgovernmentsupportinthewakeofthepandemic,withmillionsofpeoplereceivingrelieffundsviamobilemoney.

Embracingdisruptionandbuildingresilience 15

StateoftheIndustryReportonMobileMoney2021

MOBILEMONEYHIGHLIGHTSIN2020

While2020sawunparalleledchallengesbroughtonbytheCOVID-19pandemic,themobilemoneyindustrywitnessedstrongeffortsinstrivingtowardscashlesssocieties,enteringstrategicpartnershipstoexpandthehorizonsofdigitalpaymentsanddevelopingnewandrobustinteroperablepaymentsystems.

MARCH APRIL JULY

NATIONAL

STRATEGIC

INCREASED

COMMITMENT

INTEROPERABILITY

PARTNERSHIP

GhanabecomesthefirstAfrican

GSMAlaunchestheMobileMoney

VodacomandSafaricomacquire

countrytolaunchauniversal

InteroperabilityTestPlatform

theM-Pesabrand,itsproduct

QRcodeenablingallGhanaians

empoweringboththird-party

developmentandsupport

tomakeinstantmerchant

serviceprovidersanddigital

servicesfromVodafone,offering

paymentsfromtheirmobile

financialserviceproviderstotest

opportunitiestoexpandM-Pesa

moneywallets,bankaccountsor

theirsoftwareimplementationin

intonewAfricanmarkets.

internationalcards.

anend-to-endecosystem.

JULY

JULY

INCREASED

INTEROPERABILITY

Interoperabilityplatform,

GIMACPAY,launchesin

CEMACcountriestofacilitate

interoperablemobilemoneyand

bankingpaymentsfortheCEMAC

population.

PRODUCT

EXPANSION

OrangeandNSIAcombine

expertisetolaunchOrangeBank

Africaandprovidegreateraccess

tofinancialservicesandincrease

financialinclusioninWestAfrica.

AUGUST OCTOBER OCTOBER

INTERNATIONAL

NATIONAL

PRODUCTEXPANSION

REMITTANCES

COMMITMENT

Safaricomintroducesanew

AirtelAfricaentersastrategic

ThePhilippineslauncha$575

M-pesafeature,‘Pochila

partnershipwithMoneyGram

Biashara’,targetedatsmall

millionprojecttoprovide

enablingAirtelMoneycustomers

businessownersallowingthemto

thepopulationwithnational

toreceiveMoneyGramtransfers

separatebusinessandpersonal

identificationcardsinefforts

directlyintotheirmobilewallets

funds,monitortransactionsmore

toboostfinancialinclusionand

fromover200countriesacross

efficientlyandsomakebetter

expandthedigitaleconomy.

theworld.

businessdecisions.

DECEMBER

NOVEMBER

INTERNATIONAL

REMITTANCES

INVESTMENT

PayPal’smoneytransferservice,

Grabinvests$100millionin

Xoom,launchesinternational

LinkAjatostrengthenitsfinancial

remittancepaymentsfromusers

servicesandacceleratefinancial

intheUK,USA,Canadaand

inclusioninIndonesia.

Europetomobilemoneywallets

acrosskeymarketsinAfrica.

16 Embracingdisruptionandbuildingresilience

StateoftheIndustryReportonMobileMoney2021

Activeaccountsand“financialdemarginalisation”

In2020,themobilemoneyindustryreachedanothermajormilestone:thenumberofmonthlyactivemobilemoneyaccountstopped300million,havinggrownatarateof17percentyearonyear.5Inthisyear’sStateoftheIndustryreport,weareshiftingawayfrommeasuringaccountactivityona90-daybasistoinsteadmeasureitonamonthlybasis(or

30-day),inlinewithbothbehaviouralchangesinusageandthewiderfintechindustry.6

Whileittooknearlyadecadeforthemobileindustrytoreachitsfirst100millionmonthlyactiveaccounts,ithastakenjustoverfiveyearstoreachanother200million(seeFigure3).

Figure3

Growthofmonthlyactiveaccounts

(2006–2020)

350m

300m

Monthlyactive

300m

mobilemoney

250m

200m

accountstopped

200m

300m

in2020

150m

100m

100m

50m

March

March

September

December

2006

2016

2018

2020

10

2?

2?

years

years

years

90-dayactivityisalegacyofSIMcardactivityanddoesnotadequatelycapturemorerecentmobilemoneyusage.

App-basedfintechsolutionsprimarilymeasureactivitybythenumberofmonthlyactiveusers(MAUs)

Embracingdisruptionandbuildingresilience 17

StateoftheIndustryReportonMobileMoney2021

ByDecember2020,64mobilemoneyproviders–roughlyoneinfive–hadoveronemillionmonthlyactiveaccounts.Thisisupfrom30providersin2016(seefigure4).

Thisstrongandsteadygrowthsuggeststhatcustomersareusingmobilemoneyinmoreadvancedwaysandinallaspectsofdailylife.Thismarksachangefromtheearlydaysofmobilemoney