Using findings of the 2019 State of the Industry Report on Mobile Money, the authors dig into Arica’s impressive mobile money growth.
The authors note that 2019 saw a pivotal shift in the use cases of mobile money across the continent and for the first time, digital transactions made up the majority of African mobile money flows. Traditionally, the industry has been dominated by cash-based transactions, they add.
This shift towards digitisation has been largely driven by customers increasingly diversifying the way in which they use their mobile money accounts beyond basic use cases, underpinned by increased interoperability with bank, strong partnerships with governments, businesses and other third parties.
Also, read part 2 which looks at what reaching $22.6 billion in digital transactions means to the providers and users across the continent.