Record growth of $1- trillion processed during the year as mobile money promotes financial inclusion ~
Mobile money adoption and use saw continued growth in 2021, with a record $1-trillion processed during the year.
The growth of ecosystem transactions such as merchant payments, international remittances, bill payments and bulk disbursements, together with interoperable transactions, are accounting for a more significant share of the global mobile money transaction mix. “2021 was the year mobile money started to really diversify to B2B services. Beyond traditional person-to-person transactions, such as transferring money to family or friends, the industry is now central in helping small businesses operate more efficiently, and serve their customers better,” says Max Cuvellier, head of mobile for development at the GSMA.Mobile money has also been a driving force for financial inclusion for the world’s most vulnerable, particularly women,” Cuvellier adds.
Owning a mobile phone is an obvious pre-requisite to using mobile money, and women across LMICs are 7% less likely than men to own a mobile phone. Overall, 143-million fewer women own a mobile than men. Additional barriers to mobile money access include a lack of awareness of mobile money and a deficit in perceived relevance, knowledge and skills.
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