MENA – 445 million mobile money wallets in 2019
Tuesday, 12 31 2019, Category: Technology, Country: Middle East
In today’s world, a mobile device is like holding the world in the palm of your hand. It serves as a gateway to life-enriching experiences, such as capturing moments with family and connecting with friends. It also means we can find information, share opinions, buy items and pay bills easily. In short, this era of digital and mobile has opened up huge potential for financial outreach.
According to the GSMA, two thirds of the population uses a mobile phone – which is the equivalent of 5.2 billion individuals worldwide. Even though there has been a slowdown of growth in the more developed regions, the Middle East & North Africa (MENA) region is expected to see the fastest subscriber growth rate globally after Sub-Saharan Africa, growing to 459 million unique mobile subscribers and up from 318 million in 2018.
This massive mobile user growth has resulted in the accelerated adoption of financial services without having the need to have a bank account. In the Middle East and Africa (MEA) there are over 445 million mobile money wallets versus 286 million bank accounts. Armed with a phone, data and a need to transact, these are the people that will benefit most from the evolution of the digital payments eco system in the future.
Mobile has paved the way for a revolution in digital payments that is being embraced by policy makers, regulators and non-traditional financial service providers driving innovation and financial inclusion.
Source: Saudi Gazette