About $29-billion was transferred across country borders using mobile money services in 2023, $7-billion more than was sent in 2022, according to the GSM Association’s latest state of the industry report on mobile money.
Mobile money allows people who do not have a bank account to transfer money securing using a basic mobile phone. International remittances are commonly used by migrant workers to send money home to their families.
The amount of money being transferred has surged 262% in four years, from $8-billion in 2019 to $29-billion in 2023. The growth is being driven by West Africa, where remittances are a crucial source of income for many households and contribute significantly to local economies, according to the World Bank.