target audience: TECH SUPPLIER Publication date: Jun 2023 - Document type: Market Perspective - Doc Document number: # META50179723
Telcos' Mobile Money Strategies in Sub-Saharan Africa
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Abstract
This IDC Market Perspective takes a detailed look at the latest developments in the mobile money market in Sub-Sahara Africa. The report analyses how the market has evolved since 2018 and highlights factors that have influenced the adoption of mobile money services in this region. Importantly, the report outlines the key role that the COVID-19 pandemic played in driving usage of mobile money services. The report also documents mobile money providers' key challenges in the market.
"The SSA mobile market is experiencing rapid growth as operators strive to improve financial inclusion. Most of the African population remains largely unbanked, with limited access to financial products and services. MNOs are thus partnering with fintechs and financial institutions to ensure marginalized communities have access to critical financial services, all while reducing the digital divide within the region." — Derrick Chikanga, research manager, IT services, IDC Middle East and Africa