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Africa Mobile Money Market to Hit US$ 1,829.7 Million by 2028, with a CAGR of 21.96% – Exclusive Report by IMARC Group

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Africa Mobile Money Market to Hit US$ 1,829.7 Million by 2028, with a CAGR of 21.96% – Exclusive Report by IMARC Group

March 15
09:00 2023
Africa Mobile Money Market to Hit US$ 1,829.7 Million by 2028, with a CAGR of 21.96% - Exclusive Report by IMARC Group
The report has segmented the Africa mobile money market on the basis of technology, business model, transaction type and region.

According to IMARC Group’s latest report, titled “Africa Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The Africa mobile money market size reached US$ 552.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,829.7 Million by 2028, exhibiting a growth rate (CAGR) of 21.96% during 2023-2028.

Mobile money represents a payment type based on accounts held by a smartphone operator and accessible from the mobile phones of the subscriber. It offers simple person-to-person transactions rather than complex banking ones. Mobile money provides an easy, fast, secure, and cost-effective way of making payments. It is used for performing peer-to-peer fund transfers, bill payments, airtime top-ups, etc., across the country.

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Africa Mobile Money Market Trends:

The emerging trend of convenience in service delivery, expansion of smartphone agent networks, the high usage of cellphones, and the execution of interoperability are among the primary factors driving the Africa mobile money market. Besides this, the launch of various policies by the government bodies to strengthen this payment system, provide services to people who have limited access to traditional financial institutions, and eliminate the threat of theft is further augmenting the market growth. Moreover, the development of mobile money interoperability, which has boosted the efficiency and accessibility to transfer funds quickly for several applications, is also catalyzing the market across Africa. Apart from this, the introduction of EMI (electronic money issuers) guidelines by the bank for performing monetary transactions is acting as another significant growth-inducing factor. Additionally, the rising internet penetration, the elevating financial literacy, the ease of accessibility, 24/7 availability, security, lower transaction costs, and user-friendly properties are also stimulating the market growth. Furthermore, various financial services are offered through this platform, including microloans, insurance, and hospitalization covers, which are expected to bolster the Africa mobile money market in the coming years.

Africa Mobile Money Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the Africa mobile money market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • MTN
  • Orange
  • M-Pesa
  • Tigo-Pesa
  • Airtel Money


Key Market Segmentation:

The report has segmented the market into the following categories:

Breakup by Technology:

  • USSD
  • Mobile Wallets
  • Others


Breakup by Business Model:

  • Mobile Led Model
  • Bank Led Model


Breakup by Transaction Type:

  • Peer to Peer
  • Bill Payments
  • Airtime Top-ups
  • Others


Breakup by Country:

  • Tanzania
  • Kenya
  • Uganda
  • Ghana
  • Others


Ask Analyst for 10% free customized report:

This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Key Highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape


If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Media Contact
Company Name: IMARC Group
Contact Person: Elena Anderson
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Phone: +1-631-791-1145
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City: Brooklyn
State: NY
Country: United States