Mobile Money Accounts Grow To 1.2 Billion In 2020, According To The GSMA
PR88665
LONDON, March 24, 2021 /PRNewswire=KYODO JBN/ --
- Driven by the global pandemic, transactions increased by 65% during 2020
The GSMA has today published its annual 'State of the Industry Report on
Mobile Money'(
It reveals a dramatic acceleration in mobile transactions during the COVID-19
pandemic as lockdown restrictions limited access to cash and financial
institutions. The report found that the number of registered accounts grew by
13 per cent globally in 2020 to more than 1.2 billion - double the forecast.
The fastest growth was in markets where governments provided significant
pandemic relief to their citizens.
Providing more opportunities in the formal economy
To minimise the economic toll of COVID-19, many national governments
distributed monetary support to individuals and businesses. The value of
government-to-person payments quadrupled during the pandemic, with the mobile
money industry working hand-in-hand with administrations and NGOs to distribute
social protection and humanitarian payments quickly, securely, and efficiently
to those in need. Facilitating this type of direct income support payments is
one example of how mobile money provides a financial lifeline to underserved
communities. Mobile money providers have also provided in-kind support,
including the distribution of personal protective equipment (PPE) and hand
sanitising gel at agent counters.
"We see that mobile money is a powerful tool for expanding the financial
inclusion of women in low- and middle-income countries," said John Giusti, the
GSMA's Chief Regulatory Officer. "This year's report, however, found that
across markets women are still 33 per cent less likely than men to have a
mobile money account. The GSMA and its members are committed to closing this
gender gap by addressing the barriers that prevent women from accessing and
using mobile financial services."
Closing the gap requires a collaborative and concerted effort. Many
providers have committed to increasing the proportion of female customers. One
example of an innovative approach to this is launching micro-entrepreneur
products that can be used in markets where women represent the majority of
vendors and customers.
Increasing global financial equality
For the first time, more than $1 billion was sent and received in the form
of remittances globally every month via mobile money. Despite early fears that
transactions would decline as people worldwide suffered job losses and income
cuts during the pandemic, it remains clear that diasporas continue to support
family and friends back home. As a result, the total value of transactions
increased by 65 per cent to an annual total of $12.7 billion in 2020.
In working towards achieving the Sustainable Development Goals (SDGs), the
GSMA remains committed to reducing inequalities among countries when sending
money internationally. According to GSMA's research, mobile money provides an
affordable channel for connecting people to vital financial resources. The
mobile money ecosystem has been strengthened by an increasing number of
strategic partnerships established between money transfer organisations and
mobile money providers.
Driving regulatory change
As the COVID-19 pandemic negatively impacted people's lives and weakened
economies, regulators responded with a variety of measures aimed at reducing
the impact. The research found that the pandemic gave fresh urgency to the need
for regulatory change to facilitate greater digitalisation. In many markets,
transaction limits were increased to allow more funds to flow through mobile
money. Additionally, as demand rose for non-physical payments, some regulators
classified mobile money agents and their supply chains as essential services.
Over 50 per cent of mobile money agents were continuously active throughout the
pandemic, which was crucial for service continuity and maintaining liquidity.
While some of the regulatory reforms made in response to the pandemic have
been positive for customers and providers, the implementation and extension of
fee waivers has had a negative impact on mobile money providers' core revenue
stream. Mobile Money providers depend mainly on transactional revenues to
sustain their business. Regulators are strongly encouraged to work closely with
the industry to ensure sustainability going forward.
To find out more, download the 2021 'State of the Industry Report on Mobile
Money' here:
Further information on the GSMA's Mobile Money programme is available at:
www.gsma.com/mobilemoney.
Note to editors
The State of the Industry Report on Mobile Money draws on the results of
the annual GSMA Global Adoption Survey of Mobile Financial Services and data
from the GSMA Mobile Money Deployment
Tracker[https://www.gsma.com/mobilemoneymetrics/#deployment-tracker]. It
provides insights on mobile money performance from the GSMA's engagement with
the industry. The report is funded by the Bill and Melinda Gates Foundation.
About GSMA
The GSMA represents the interests of mobile operators worldwide, uniting
more than 750 operators with almost 400 companies in the broader mobile
ecosystem, including handset and device makers, software companies, equipment
providers and internet companies, as well as organisations in adjacent industry
sectors. The GSMA also produces the industry-leading MWC events held annually
in Barcelona[https://www.mwcbarcelona.com/],
Africa[https://www.gsmathrive.com/africa/], Los
Angeles[https://www.mwclosangeles.com/] and
Shanghai[https://www.mwcshanghai.com/], as well as the Thrive
Series[https://www.gsmathrive.com/] of regional conferences.
For more information, please visit the GSMA corporate website at
www.gsma.com. Follow the GSMA on Twitter: @GSMA.
Media Contacts:
GSMA Press Office
pressoffice@gsma.com
Logo: https://mma.prnewswire.com/media/1385555/GSMA_Logo.jpg
Source: GSMA
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