West Africa’s Mobile Money to Hit $70bn in 2023

Source: www.thisdaylive.com/index.php/2019/04/17/report-west-africas-mobile-money-to-hit-70bn-in-2023/

This article focuses on the success of mobile money growth in West Africa, with a contribution of over $50 billion in 2018, which is equivalent to 8.7 per cent of the region’s GDP and predicts that the West Africa mobile ecosystem economic contribution would continue to increase to reach $70 billion by 2023, which is about 9.5 per cent contribution to GDP. The prediction, according to the article, is based on a Mobile Economy study, which attributed the expected rise in mobile money contribution to the rising mobile phone ownership and the ongoing migration to mobile broadband networks and services across the West African region.
The report essentially underlines the vital role the mobile ecosystem is playing in contributing to economic growth, social development and job creation across West Africa. It reveals that the number of unique mobile subscribers across West Africa, reached 185 million at the end of 2018, equivalent to 48 per cent of the region’s population and estimates that the number would rise to reach 248 million by 2025, which is 54 per cent of the region’s population.
The report further explained that the West Africa’s mobile ecosystem directly employs around 200,000 people, supports 800,000 jobs in the informal employment sector, and a further 600,000 jobs across the wider economy, adding that mobile is the primary platform for accessing the internet in West Africa, and that at the end of 2018, there were around 100 million mobile internet users in the region, up almost 20 million year-on-year.