Mobile money users to reach 381M by 2017

MANILA, Philippines - According to Berg Insight, the number of active mobile money users in emerging markets is forecast to grow from 61 million in 2011 at a compound annual growth rate (CAGR) of 36 percent to reach 381 million by 2017. Several of the most successful mobile money services are today in use in Africa, but Asia-Pacific is expected to become the most important regional market, accounting for nearly two-thirds of the active user base in 2017. The total value of mobile money transactions is projected to grow from $44 billion in 2011 at a CAGR of 44 percent to $395 billion in 2017. Mobile money has a central role in extending the reach of formal financial services to the un-banked and financially underserved populations in emerging markets. The mobile phone will also be the primary self-service banking channel for a substantial share of the already banked individuals. Growth areas are Kenya, Tanzania, Uganda, Bangladesh, Pakistan, India, Nigeria, Mexico and Argentina. Mobile money is reshaping the market for products such as microfinance and microinsurance, and will drive uptake of electronic payments for goods and services in many emerging economies.