Mobile money usage explodes

Wednesday, October 11, 2023 | 1420 Views |

Leaps and bounds: Mobile money transactions and values have risen exponentially over the past five years PIC: MORERI SEJAKGOMO

Mobile money usage is surging in the country, with the number of mobile money accounts per 1,000 adults more than doubling in the last five years, statistics compiled by the International Monetary Fund (IMF) show.

In its Financial Access Survey released last Tuesday, the IMF said the number of mobile money accounts per 1,000 adults had grown from 1,115 in 2017 to 2,973 in 2022.

The growth in mobile money usage is also clear in the value of mobile money transactions over the same period, which has grown from 3.4 percent of GDP in 2017 to nearly 14% of GDP in 2022.

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