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A recent report by MarketsandMarkets has affirmed that the mobile money market in Africa will grow to $14,27 billion in the next five years. MarketsandMarkets’ report, Africa Mobile Money Market by Transaction mode – Forecast to 2020, said that the mobile money market in the continent is expected to grow at CAGR of 39,2 percent for the next five years, growing from $2,73billion in 2015 to $14,27billion by 2020.

Kenya is likely to be the biggest market for mobile money in terms of overall market size, according to the report, while Mozambique, Madagascar, and Malawi are expected to experience increased market traction during the forecast period.

The growing availability of financial solutions on mobile phones has allowed mobile users to take timely business decisions and make faster financial transactions. The various mobile money services provided by mobile network operators, banks and payment processing agents are being used by both banked and un-banked customers using their mobile devices whose usage has become routine in the continent, added the report.

It has listed the major vendors of African mobile money market as Vodacom, Orange SA, Airtel, Econet Wireless, Mcel, Tigo, Safaricom, MTN and Zantel. – Wires.