M-Pesa Leads Mobile Money Boom in Africa and Middle East
M-Pesa, a pioneer in mobile money transfers, has led the way in improving financial accessibility in Africa since 2007. Today, the region accounts for a significant portion of global mobile money transactions, reflecting a growing appetite for alternative payment methods like e-wallets.
In 2022, M-Pesa dominated the global mobile money transfer market in Africa and the Middle East, with e-wallets being the driving force. The region's high mobile phone ownership, at 61% in Africa and 81% in the Middle East, coupled with lower bank account ownership, creates a perfect environment for e-wallet providers. Twelve key e-wallet providers were highlighted in a recent report, four of which offer multi-country coverage, including M-Pesa, Airtel Money, MTN Mobile Money, and Orange Money. These staged e-wallets, launched by telecom providers, are easily accessible via mobile phones without additional applications. The report also covered national providers in key markets like Egypt, Nigeria, Saudi Arabia, Tanzania, and the United Arab Emirates, showcasing the vast opportunities in the region.
The Africa and Middle East region presents a significant opportunity for e-wallet providers due to its large unbanked population and growing mobile phone penetration. With M-Pesa leading the way, other e-wallet providers are expected to grow and expand their reach, further improving financial accessibility in the region.
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