.png)
.png)
1 week ago
12
- Top mobile wealth operators person recorded important maturation successful 2024, processing astir 106 cardinal transactions worthy $1.68 trillion
- Information from GSMA disclosed that mobile wealth transaction volumes roseate by 20% yearly, portion transaction values accrued by 16% from 13%
- GSMA added that transaction values for mobile wealth accounts witnessed double-digit maturation successful 2024
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the system for implicit a decade.
Mobile money platforms specified arsenic Opay, Moniepoint, Palmpay, and others processed astir 108 cardinal transactions valued astatine $1.68 trillion successful 2024.
Data from GSMA’s State of the Industry Report connected Mobile Money 2025 disclosed this connected Tuesday, April 8, 2025.
Source: Getty Images
Mobile wealth transaction rises
GSMA’s mobile wealth programme works to amended the wealth assemblage of communities lacking entree to accepted banking services.
The assemblage revealed that mobile wealth transaction volumes roseate by 20% yearly, portion transaction values accrued by 16% from 13% successful 2023.
According to GSMA, transaction values for mobile wealth accounts saw a robust double-digit maturation past year, hitting 108 cardinal transactions worthy $1.68 trillion.
The magnitude was processed via mobile wealth accounts specified arsenic Opay, Palmpay, and Moniepoint successful 1 twelvemonth alone.
The manager wide of GSMA, Vivek Badrinath, disclosed that mobile wealth has go a almighty instrumentality for fiscal inclusion and economical maturation arsenic its continued occurrence relies connected supportive regulatory frameworks that beforehand innovation, and accessibility, helping to unlock the afloat economical potential.
Mobile wealth operators summation GDP
He said that the GDP of countries with robust mobile wealth services roseate by astir $720 cardinal successful 2023, showing a 1.7 cardinal increase.
In Sub-Saharan Africa, mobile wealth added astir $190 cardinal to GDP successful the aforesaid year, portion East and West Africa recorded an summation successful progressive accounts.
East Africa was spotlighted for its maturation successful progressive accounts past year, followed by Southeast Asia and West Africa.
Countries successful East Asia specified arsenic Cambodia, Fiji, the Philippines, and Vietnam besides showed maturation owed to favourable regulatory environments.
Top countries with mobile wealth adoption
According to reports, GSMA said that mobile wealth providers successful East Asia-Pacific person evolved to connection a broad suite of services, with 44% providing recognition facilities arsenic of June 2024.
However, GSMA noted that challenges inactive exist, particularly for women, arsenic 8 successful 12 countries surveyed reported differences successful mobile wealth ownership based connected gender.
GSMA said astir 60% of mobile wealth operators are addressing the gaps by implementing integer initiatives.
Reports accidental mobile wealth deed 2 important milestones past year, exceeding 2 cardinal registered accounts and implicit fractional a cardinal progressive monthly users globally.
Experts accidental the manufacture took astir 18 years to execute 1 cardinal registered accounts and 250 cardinal progressive users from 2001; however, this has doubled successful the past 5 years.
Nigeria's biggest banks by marketplace cap
Earlier, Legit.ng reported that Guaranty Trust Holding Company Plc has emerged arsenic the biggest commercialized bank successful Nigeria based connected marketplace capitalisation.
Data obtained from the Nigerian Exchange showed that the combined marketplace capitalisation of 12 commercialized banks stood astatine N10.78 trillion arsenic of Friday, February 7, 2024.
Source: Getty Images
Market capitalisation refers to however overmuch a institution is worthy arsenic determined by the banal market.
7 Nigerian banks surpass N4trn profit
Legit.ng antecedently reported that 7 large Nigerian banks made a full profit of N4.2 trillion successful the 2024 fiscal year.
Despite pugnacious economical conditions, banks similar Zenith Bank PLC, United Bank for Africa (UBA), Guaranty Trust Holding Company Plc (GTCO), First Bank, Fidelity Bank, Stanbic IBTC, and Wema Bank managed to gain this ample amount.
The banking assemblage faced respective challenges past year, including precocious inflation, the falling worth of the naira, and reduced spending powerfulness among Nigerians.
PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!
Source: Legit.ng
