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Numbers Part 17: Mobile Money

Just found a few numbers on mobile money users and thought it worth sharing:

  • The market for mobile applications, or apps, will become "as big as the internet", peaking at 10 million apps in 2020 according to Symbian.
  • CGAP produced a recent survey on Financial Access and found that there are 6.2 billion bank accounts worldwide – more than one for every person on the planet – except that 70% of adults in developing countries do not use formal financial services, or are unbanked, compared to 20% of those in developed countries.
  • Of the 139 countries that CGAP surveyed, only 40 reported that they encourage or mandate government transfers through the banking system; 14 of these are high-income countries and 10 countries in Latin America. Few countries in other regions are promoting such transfers.
  • The survey predicts that the mobile payments market could be worth as much as £365 billion by 2013, with 110 million users in Europe alone by 2014.
  • By the year 2012 CGAP and GSMA estimate there will be 1.7 billion people with a mobile phone but not a bank account and as many as 364 million unbanked people could be reached by agent-networked banking through mobile phones.
  • CGAP estimate that mobile financial services to poor people in emerging economies will increase from nothing to $5 billion in 2012.
  • 40% of Kenyan households have used M-PESA as of late 2008, a figure announced by Caroline Pulver of FSD Kenya as she unveiled the findings of their survey (see pdf)
  • Electronic payments deliver cost savings of at least 1% of a country’s GDP when compared to paper, according to Visa.
  • Monitise, the mobile money network, has just signed up their millionth
    customer and are processing 25 million transactions per annum.

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About Chris M Skinner

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here…

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