The digital economy and e-commerce continue growing and transforming economic activities around the world. Mobile money plays a key role in this development, opening unprecedented opportunities,but also bringing new challenges, for governments, enterprises, and consumers alike.
Today, more than 10% of adults in sub-Saharan Africa have a mobile money account. This is the highest share in the world, and it is growing. While mobile money has traditionally been centered around Eastern Africa, it is increasingly spreading to Western Africa and beyond.
Mobile money has enabled people to make financial transactions on their mobile phone and brought financial services to their doorsteps.
Its technology has expanded far beyond its initial functionality of sending and receiving money, and now includes mobile credit, insurance, remittances, payments, airtime top-ups, and savings. Thus, mobile money bears enormous potential to boost financial inclusion and contribute to sustainable development, especially for women.
For instance, mobile money has provided many women entrepreneurs opportunities to grow their businesses and reached communities in areas typically underserved.