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Monday, October 22, 2012

Five times more mobile money users expected in emerging markets within five years

A new research report from Berg Insight expects the number of mobile money users in emerging markets to grow from 61 million active users in 2011 to 381 million by 2017; a compound annual growth rate of 36%.

Meanwhile the total value of mobile money transactions is forecast to grow from $44 billion last year to $395 billion in 2017, the equivalent of a 44% increase each year.

Lars Kurkinen, Telecom Analyst at Berg Insight, said “he industry is in a very exciting phase right now. Mobile money has not only taken off in Kenya - we’re seeing exponential growth in Tanzania, Uganda and several other countries as well. Mobile money is reshaping the market for products such as microinsurance, and will drive uptake of electronic payments for goods and services in many emerging economies.”

The Asia-Pacific region is expected to become the most important mobile money market by 2017, accounting for nearly two-thirds of the active user base.

[Report details (pdf)]

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Tags: research banking payments kenya tanzania uganda

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