Mobile Money: A Global Solution for Financial Services

• Mobile money allows secure, text-based funds transfer for people without banks, transforming the way people access financial services.
• It differs from traditional bank accounts as it doesn’t require a physical bank branch or internet connection.
• The process involves dialing a short code for the mobile money provider, choosing’send money’, entering the recipient’s phone number, and entering the amount and a secure PIN.
• The number of mobile money accounts has grown from 13 million in 2010 to over 640 million by 2023.
• In Sub-Saharan Africa, the percentage of people with a mobile money account grew from 12% in 2014 to 33% by 2021.
• Mobile money has contributed to the growth of total account ownership in Sub-Saharan Africa and across three countries.
• A major barrier to using mobile money is the lack of a mobile phone, with a Global Findex 2021 survey showing that lack of money and absence of a mobile phone were the top reasons for not using mobile money.
• Countries with more phones are more likely to use mobile money.