W African m-money market hits USD 8.6 bln in 9 months

Wednesday 10 February 2016 | 23:40 CET | News
Mobile money transfers in the West African Economic and Monetary Union reached XOF 5.12 trillion (USD 8.6 bln) in the first nine months of 2015, according to Senegalese daily Sud Quotidien, which cites data from the Central Bank of West African States. This amount corresponds to 346.9 million transactions. Central bank governor Tiemoko Meyliet Kone announced at a conference in Dakar that there are currently over 20 million m-money customers in West Africa, up on 11 million in 2013.

Thank you for visiting Telecompaper

Sign up below to get access to the rest of this article and all the telecom news you need.

  • Register free and gain access to even more articles from Telecompaper. Register here
  • Subscribe and get unlimited access to Telecompaper’s full coverage, with a customised choice of news, commentary, research and alerts.


Already registered?

Categories: Mobile & Wireless
Countries: Africa
::: add a comment

Add comment

Please login or register to leave a comment.

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Benin to probe Mobile Money data over suspected vote buying

Published 09 Mar 2016 23:46 CET | Benin
Mobile operators MTN Benin and Moov Benin will be asked to provide information to police about their Mobile Money databases in a ...

Africa's mobile money users face access barriers - study

Published 03 Mar 2016 16:05 CET | Africa
A new study by Ericsson says many potential customers in sub-Saharan Africa face basic barriers to accessing mobile money ...

New middle class driving African mobile growth

Published 02 Mar 2016 08:28 CET | Africa
Africa's telecom market will see further consolidation and more inbound investment as markets opens up and economic returns ...

African Dev Bank, Gates Foundation plan digital finance fund

Published 19 Feb 2016 00:37 CET | Africa
The African Development Bank (ADB) interim vice chairman Stefan Nalletamby has announced plans for a new investment fund for ...

African mobile market consolidation gets underway in search for growth

Published 10 Feb 2016 12:31 CET | Africa
The African mobile market has started a new round of consolidation, with Orange taking the lead as others such as Airtel and ...

Africa accounts for 52% of world m-payments transactions

Published 18 Feb 2015 10:13 CET | Africa
The number of smartphones in Africa is expected to grow by over 40 percent this year and to double to pass 350 million units by ...

Mobile banking reaches Togo

Published 19 Sep 2013 12:29 CET | Togo
Mobile operator Moov has launched its mobile banking service, Flooz, in Togo. This constitutes the first time a mobile operator ...

Mobile Payment in West Africa

Published 07 Feb 2013 11:07 CET | Benin
Generally when mobile payments are discussed regarding Africa, the stories focus on Eastern Africa as M-Pesa was successfully ...

West Africa in the mobile payment spotlight

Published 09 Jun 2011 11:43 CET | Benin
The AITEC Banking and Mobile Money conference is taking place in Accra, Ghana, on 8th and 9th of June. West Africa has seen a ...