30 Million Active Mobile Money Customers Globally in 2012
Published on: 27th Feb 2013
Note -- this news article is more than a year old.
The number of mobile money transactions worldwide is approaching the point of reguarly overtaking the volume of transactions process by the PayPal service according to a report commissioned by the GSMA.
More than 30 million people undertook 224.2 million transactions totalling $4.6 billion during the month of June 2012. This exceeds the 196.3 million transactions performed by Paypal customers on average each month during Q3 2012.
"The social impact of mobile money is already well documented, and our report last year offered the first global benchmarks on how many customers were using mobile money," said Chris Locke, Managing Director, GSMA Mobile for Development. "Following our second Mobile Money Adoption Survey, we are able to share deeper insights on the number of customers, on how customers are actually using the service and, perhaps more importantly, on how successful operators are positioning and managing mobile money to meet the needs of those customers."
Rapid Growth, Particularly in Sub-Saharan Africa
The report counted 81.8 million registered customers globally and with the total number of deployments on a global basis growing by almost 38 per cent, an increasing number of deployments are also achieving significant scale. The report identified six services with more than 1 million active customer accounts and in the last 12 months, three of these services have crossed the 1 million active customers threshold. The number of active customer accounts is now growing rapidly which is a positive sign indicating that customers are realising the benefits from mobile money services.
There are 56.9 million registered customers in sub-Saharan Africa and in June 2012, there were twice as many mobile money users as Facebook users in the region. In terms of geographical spread, more than half of all countries in sub-Saharan Africa have live deployments and 37 per cent of the 166 mobile networks operators in the region have already launched mobile money. Mobile money services are available in 34 of the 47 countries in the region and penetration will continue to grow in the region, since the majority of planned deployments are also in sub-Saharan Africa.
Mobile Money Contributing to Financial Inclusion
Data within the report gives an interesting insight into the contribution of mobile money to financial inclusion globally. There are now more mobile money accounts than bank accounts in Kenya, Madagascar, Tanzania and Uganda, and more mobile money agent outlets than bank branches in at least 28 countries. With over 520,000 registered agent outlets, there are now as many mobile money outlets as Western Union points of sale. Further, in some countries, the total value of mobile money transactions is equivalent to a significant proportion of the country's overall GDP; in June 2012, it was equivalent to more than 60 per cent of GDP in Kenya, more than 30 per cent of GDP in Tanzania, and more than 20 per cent of GDP in Uganda.
Locke added, "As the mobile money industry is maturing, we can expect to see both the social and financial benefits of mobile money increase and will continue to track this fantastic progress."