Africa Mobile Money Market worth $14.27 Billion by 2020
According to a new market research report,“Africa Mobile Money Market by Transaction mode (NFC/Smart Cards, Direct Mobile Billing, Mobile Web/WAP Payments, SMS, STK/USSD, and others), Nature of Payment, Location, Type of Purchase, and by Country - Forecast to 2020”, 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.
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.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850-fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.