Mobile Money transactions rose by 65 per cent in 2020 with accounts across the globe hitting 1.2 billion. The Global System for Mobile telecommunications Association (GSMA) disclosed this yesterday while unveiling its yearly ‘State of the Industry Report on Mobile Money’.
It noted that there was a dramatic acceleration in mobile transactions during the COVID-19 pandemic as lockdown restrictions limited access to cash and financial institutions.
GSMA said it found out that the number of registered accounts grew by 13 per cent globally in 2020 to more than 1.2 billion – double the forecast. It stressed that the fastest growth was in markets where governments provided significant pandemic relief to their citizens.
GSMA in the report observed that to minimise the economic toll of COVID-19, many national governments distributed monetary support to individuals and businesses.
According to the report, the value of government-to-person payments quadrupled during the pandemic, with the mobile money industry working hand-in-hand with administrations and NGOs to distribute social protection and humanitarian payments quickly, securely, and efficiently to those in need.
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