The GSM Association (GSMA) has released a report on the state of mobile money industry. Tagged “State of the Industry Report on Mobile Money”, the report unveiled a major piece of information: for the first time, more than a billion dollars were sent and received internationally around the world every month via mobile money.
The report indicates that mobile transactions accelerated during lockdowns induced by Covid-19 around the world. This is because all the restrictions limited access to cash and financial institutions. In addition, the number of registered accounts increased by 13% in 2020 to reach more than 1.2 billion, double the forecast.
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They were not very optimistic because the consequences of the pandemic (job losses, income cuts, etc.) suggested that transactions were going to decline. This was without counting on the diasporas who have instead redoubled their efforts to support their loved ones. As a result, the total value of transactions increased 65% to an annual total of $ 12.7 billion in 2020.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer