Mobile Money in Emerging Markets: Trends, Strategies & Market Forecasts 2023-2027

• Market SWOT Analysis: Extensive assessment of the main use cases for mobile money adoption, including the current viability of mobile money markets, challenges to future growth, and future outlook. This analysis includes four main areas:
  • Microinsurance
  • Microloans
  • Microsavings
  • Mobile Money Transfer
• Market Dynamics: Detailed analysis of the future evolution of the market and the challenges to further market growth.
• Juniper Research Competitor Leaderboards: Key player capability and capacity assessment for 23 vendors, split across two Competitor Leaderboards, for mobile money services and sophisticated mobile financial services. The vendors included are as follows:
  • Airtel
  • BIMA
  • bKash
  • Easypaisa
  • EcoCash
  • Equitel Money
  • eZ Cash
  • Grameenphone
  • LinkAja
  • MicroEnsure
  • Mon Cash
  • M-PESA
  • MTN Mobile Money
  • Ooredoo
  • Orange Money
  • Robi
  • Roshan M-Paisa
  • Smart Padala
  • Tigo
  • Tingg
  • Transfer/Telcel
  • uPaisa
  • Wave Money
• Benchmark Industry Forecasts: Forecasts for mobile money services, including microinsurance, microloans, microsavings and mobile money transfer, with data for user bases and transaction values, along with splits by our four key emerging market regions and the 15 countries listed below:
  • Bangladesh
  • Brazil
  • Colombia
  • Egypt
  • India
  • Indonesia
  • Kenya
  • Mexico
  • Nigeria
  • Pakistan
  • Philippines
  • South Africa
  • Sri Lanka
  • Tanzania
  • Thailand

1. What will the mobile money market size in emerging markets be in 2027?
2. What role does Payment-as-a-Platform have in driving mobile money forward?
3. Who are the leading vendors in the mobile money market?
4. What strategies can players implement to capitalise on the growing mobile money ecosystem?
5. What monetisation strategies will be most successful for mobile money providers over the next 4 years?

Case Studied: Amdocs, Comviva, Ericsson, Huawei, inswitch, Panamax, SDS (Seamless Distribution Systems), Telepin, Tmob.
 
Included in the Juniper Research Competitor Leaderboard – Mobile Money Vendors:
Airtel Money, bKash, Easypaisa, EcoCash, Equitel Money, eZ Cash, LinkAja, Mon Cash, M-PESA, MTN Mobile Money, Orange Money, Smart Padala, Tigo, Transfer/Telcel, uPaisa, Wave Money.
 
Included in the Juniper Research Competitor Leaderboard – Sophisticated Mobile Financial Services: Airtel, BIMA, bKash, Easypaisa, EcoCash, Grameenphone, MIC Global, M-PESA, MTN Mobile Money, Ooredoo, Orange Money, RobiCash, Roshan M-Paisa, Tigo, Tingg.
 
Mentioned: ABInBev, ABSA Bank, ACI Worldwide, Africell, Agricultural Bank of China, Airbnb, Alibaba, Alipay, Aliv Bahamas, Amazon, América Móvil, American Express, Anadolu Jet, Ant Group, Antel, Apple, AsiaHawala, AT&T, AXA, Banamex, Banco Inbursa, Bank Hapoalim, Bank of Africa, Bank of Bangladesh, Bank of Georgia, Banpro, BBOXX, Bein, Bill and Melinda Gates Foundation, Binance, BNP Paribas, Bolttech, Booking.com, BRAC Bank, BRI Ventures, BT, BTC SMEGA, CarrefourSA, China Telecom, Cisco, CSG, Digicel, Dinex, Djibouti Telecom, DSTV, EB Solutions Limited, Eazzybanking, Ecobank, Equity Bank, Ericsson, eServGlobal, Esri, eswatini Mobile, EzyPesa, FamilyBank, FirstBank, FLOvate Solutions, Flutterwave, Garanti BBVA, Globacom Ltd, Gojek, Google, GPAY, Grab, GT&T MMG, Halkbank, Halopesa, iGrow, Imalipay, Intel, Inwi Money, JCB, Jumia, KBZPay, Kenya Airways, KFC, KrosPayz, Lloyd’s, Logiq, Mandiri Capital, Masoko, Mastercard, McDonald’s, MediaTek, Meezan Bank, Meta, Metro PCS, MicroEnsure, Microsoft, Money Gram, Money in Motion LLC, Money Q, MoneyGram, Movil Red, mowico, Mukuru, MuRong Technologies, Musoni MFI, Nagad, NCBA, NEC, Netflix, Netweller, Niger Telecoms, NSSF, One Acre Fund, Openet, Oracle, Payoneer, PayPal, Pertamina, Pesalink, Pragati Life, QNB Finansbank, Qualcomm, RBI (Reserve Bank of India), Remitly, Reserve Bank of Zimbabwe, Riaktr, Rocket Internet, Safaricom, Sampath Bank, Samsung, Sberbank, Sendwave, Shell, Simbisa Group, Singapore Airlines, Singtel, Skrill, SMARTCASH Payment Service Bank Limited, Smatoo, SoftBank, Sogebank, Sonatel, Sourced Group, Spectra Technologies, Squire Technologies, Standard Chartered Bank, Strands, Strex, Sudatel, SunExpress, Tameer Bank, Tele2, Telenor Pakistan, Telkom, Telkomsel, Telpo, Temenos, Teralight, TerraPay, Thales, TMCEL, T-Mobile, TN Bank, Total, TPesa, Trendyol, Trust Bank, Turkish Airlines, UBA, Uber, unibank, UnionDigitalBank, Valyou, Verizon, Viber, Visa, VisionFund, Vive, Vodafone, Waada Digital, Walmart, WeChat, Western Union, World Remit, Xoom, YABX, Yabx, Yoma Bank.
 
 

The forecast contains a strong set of data points, covering the key areas within mobile financial services in developing economies. These include the following:

• 4 Key Sectors (Microinsurance, Microloans, Microsavings, Mobile Money Transfer)
• 8 Transaction Types (Airtime Top-up, Bill Payment, Cash In, Cash Out, Domestic P2P, G2P, International P2P, Merchant Payment)
• Number of Users
• Value of Spend

Metrics include the total number of users, the number of transactions and total revenue.
Geographical splits: 15 countries
Number of tables: Over 76 tables
Number of datapoints: Over 10,000 datapoints

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The total value of mobile money transactions in emerging markets will reach $2 trillion in by 2027, an increase of over $500 billion from 2023. Growing at 33%, the market is being driven by the transition to PaaP, a model which allows third parties to deliver products via mobile money apps. PaaP is a key driver of mobile money, as it enables third parties to have more access to users, without mobile money operators having to develop additional services themselves. This also enables greater revenue for mobile money operators, whilst allowing them to meet increasingly sophisticated user demands.

• By 2027, there will be 411 million users of sophisticated MFS (Mobile Financial Services) within emerging markets. This 40% increase is a result of providers offering a variety of services, such as microloans and microinsurance, to satisfy growing user demand. The increasing maturity of several mobile money markets, rising customer awareness and increasing affluence of users has increased the importance of mobile money vendors providing sophisticated MFS, and investing in technologies that facilitate it.
• Mobile money vendors need to leverage data analytics to best retain customers and fight off rising competition. By gaining valuable insight into consumer behaviour and preferences, vendors can provide better tailored services to end users. Combining this data with new third-party services via PaaP enables a more personalised service, increasing customer satisfaction and revenue.