Africa’s mobile money boom

There is room to grow the success of mobile money in Sub-Saharan Africa further through the improvement of interoperability and the adoption of technology in the oversight of the sector. [Courtesy]

There has been an exponential boom over the last year in the use of mobile money across the continent, owing to increased digitisation and the sophistication of the digital transactions ecosystem.

Kenya, one of the global leaders in the adoption of mobile money, hit a record-breaking high between January and November 2021 with users transacting about USD55.1 billion (Sh6.2 trillion), as per data from the Central Bank of Kenya (CBK).