The market report defines, the Africa Mobile Money Market based on various transaction modes, nature of payments, location types, and types of purchases with an in-depth analysis and forecasting of market sizes. The report also identifies the factors driving this market, various restraints, and opportunities impacting it along with the adoption trends.
With the growing availability of financial solutions on mobile phones, the mobile users have been able to take timely business decisions and in accomplishing faster financial transactions simply through their mobile devices. The mobile money services provided by Mobile Network Operators (MNOs), banks, and payment processing agents prominently include the usage of mobile phones to transfer electronic money, send and receive international remittances, send and receive money from one mobile device to another, deposit and withdraw money, book travel or movie tickets, make bill payments, pay utility bills, make airtime transfers, and recharge top-ups, among various others. These mobile money services can be seamlessly used by both banked and unbanked customers present worldwide. Further, with the mobile device becoming a routine usage in the daily life of the people, mobile money services have prominently transformed the user’s payment and money transfer experiences.
The major vendors of the Africa Mobile Money Market are Vodacom, Orange S.A, Airtel, Econet Wireless, Mcel, Tigo, Safaricom, MTN, and Zantel. The major forces driving this market are the increase in mobile penetration, creation of new revenue stream for the stakeholders, and rise in interoperability.
MarketsandMarkets broadly segments the Africa Mobile Money Market by country into South Africa, Kenya, Tanzania, Zimbabwe, Uganda, Angola, Zambia, DRC, Namibia, Mauritius, Mozambique, Malawi, Madagascar, and Others (Ghana, Rwanda, Botswana, and Lesotho); by transaction mode into NFC/smart card, direct mobile billing, Short Messaging Services (SMS), STK/USSD, and others (Interactive Voice Response (IVR), Bluetooth, Wi-Fi, JRME, BREW, and other in-store mobile applications); by nature of payments into person to person, person to business, business to person, and business to business; by location type into remote payments and proximity payments; by type of purchases into airtime transfers and top-ups, money transfers and payments, merchandise and coupons, travel and ticketing, and digital products.
MarketsandMarkets forecasts the Africa Mobile Money Market to grow from $2.73 Billion in 2015 to $14.27 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 39.2%. In terms of countries, Kenya is expected to be the biggest market in terms of market size, whereas Mozambique, Madagascar, and Malawi are expected to experience increased market traction during the forecast period.
FOLLOW NEW AFRICA BUSINESS NEWS ON FACEBOOK @ New Africa Business News.com