Over the last decade, the mobile money industry has grown stronger and stronger, with Africa, South of the Sahara, as the main engine behind this growth. The growth persisted even with the outbreak of the 2020 Covid-19 pandemic with its attendant lockdowns.
Sub-Saharan Africa, by the end of 2020 accounted for 64 percent of all mobile money value transacted globally, reaching $490 billion for the year, with 53 percent of all monthly active mobile money accounts also recorded in the region.
Despite this, the development and implementation of safe, reliable and efficient national payments systems and Financial Market Infrastructures (FMIs), a key component of the World Bank Group is crucial in achieving a secure, affordable, and accessible payment systems and services to help expand financial inclusion, foster development and support financial stability. This is the fulcrum of the 2021 Africa Cashless Payment System Conference.
As the first physical event of this dimension for the digital financial services since the outbreak of the Covid-19 pandemic, the conference will focus on the essentials: networking and bringing people back together.
Residents transfer money using the M-Pesa banking service at a store in Nairobi, Kenya, on Sunday, April 14, 2013. Photo Credit: Trevor Snapp/Bloomberg via Getty Images