mobile money was responsible for bringing about a proficient transformation of how financial activities are conducted by individuals, both banked and unbanked, in emerging markets. These services play an essential role in expanding the reach of formal financial services to the unbanked and financially underserved populations in emerging markets.

According to the report analysis “Outlook for the mobile payments industry in Africa to 2019 – growth driven by government support and mobile operators‘ notes that the mobile money industry has continued to grow around the world and has expanded across multiple regions. Market traction is better observed in developing Third World countries than in relation to developed countries like the US. For example, in 2013, Africa registered almost ~% of the world’s active mobile money customers. Africa was one of the early adopters of mobile money around the world, with the value of transactions increasing at a CAGR of ~% over the period of 2009-2014.

With approximately ~% of m-payment transactions originating in East Africa, this region leads the African m-payment market. The success story of the mobile payments industry in Africa is best illustrated by M-PESA. At the end of 2013, M-PESA was estimated to have over ~million subscribers with ~million active customers. M-PESA is primarily used for sending, withdrawing, and depositing cash, which recorded more than ~$Bn in person-to-person transactions in 2013 with average monthly transactions of ~$Bn. The service has a wide reach and has emerged as a preferred service over its competitors due to services like M-Shwari, M-Kesho and others that focus on providing credit and other microcredit services.

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That African mobile payment industry based mainly on mobile…