state of the mobile money industry in asia
TRANSCRIPT
PowerPoint Presentationgsma.com/sotir
2019
gsma.com/sotir
2019
new accounts
The GSMA’s State of the Industry Report is based on a comprehensive set of databases
Mobile Money Deployment Tracker
Monitors the number of live mobile money services across the globe, collated using both primary and secondary sources on a monthly basis.
Global Adoption Survey
An annual survey designed to capture quantitative & qualitative information about the performance of mobile financial services around the world.
Mobile Money Estimates & Forecasts
Proprietary modelling approach to fill gaps in participation in the annual Global Adoption Survey and to estimate mobile money indicators at a global, regional and country level.
GLOBAL
42mn
Asia makes up almost a half of all registered mobile money accounts globally
473mn
registered accounts
Mobile money adoption in Asia made a significant contribution to global growth…
East Asia and Pacific
30 million new accounts
East Asia ad Pacific
2014 2019
15%
Asia
Mobile money is reaching an increasing number of people in the region
East Asia and Pacific
money 4%6%
53%
32%30%27%27%13%
30 deployments now have over 1m active accounts (90-day) compared to 7 in 2014.
307 2014 2019
42 out of the 87 services in the region have an account activity rate greater than the regional average.
Account activity rate
53%
Asia’s agent network comprises of 4mn registered agents, 52% of all mobile money agents globally
In 2019, mobile money agents digitised $43bn of cash, a quarter of the value digitised globally
Average agent activity rate in the region
Asia has doubled its share of the value of all global mobile money transactions over the past 6 years
(30-day) Active
30% of the value of all
mobile money transactions are
carried out in Asia
growth since 2015
43% 30%
DIGITAL TRANSACTIONS
THE VALUE SHARE IN 2015
…primarily due to mobile money becoming increasingly integral to the financial ecosystem
11 22 Half of all Asian mobile money markets are interoperable
Interoperability with banks
Mobile money to bank account flows make up 17% of the value of outgoing
transactions
Mobile money account-to- account (A2A) interoperability
The value of flows to and from bank accounts grew by 28%
Mobile money A2A interoperability is live in 6 markets
The volume of interoperable P2P transfers more than doubled
…and through partnerships with banks and seamless integrations with third parties
Companies using MM to make bulk disbursements
Banks allowing MM to bank interoperability
Companies with a bill payment account
Merchant accounts
Global - 52
Global – 13,057
Global – 13
Global – 98
Number of Mobile Money Integrations
Almost twice the amount of value is circulating Asia’s mobile money system than exiting
$8.6bn IN CIRCULATION
$4.6bn OUTGOING IR initiated
ATU Off-net P2P
Asia’s rapid mobile internet and smartphone adoption has helped boost merchant payments and e-commerce
84% Asia is the only region where more merchants offer QR code payment technology rather than
USSD
online
75%
online
Country 2018 Index
Protection Transaction
Samoa 0.0
Maldives 0.0
Fiji 0.0
Bangladesh 2.7
Timor-Leste 0.0
Score 80 to 100 Score 70 to 80 Score 0 to 70
All countries now require
liabilities in liquid assets
provide mobile money services
INTRODUCTION
The Mobile Money Regulatory Index scores 90 countries based on the extent to which their regulatory framework enables widespread mobile money adoption.
The index is comprised of three 'levels', with each level scored between 0 and 100. A higher score is associated with a more enabling regulatory framework.
Index: A single composite indicator to measure how enabling a country's regulatory framework is.
Dimensions: Six dimensions, which are aggregated to produce the overall index score.
Indicators: 26 indicators, which are aggregated to produce the six dimension scores.
DATA SOURCES
The indicator scores are based on a set of criteria and definitions provided in the 'Indicators' tab. These have been assessed based the prevailing regulations or regulatory instruments that are applicable to mobile money in each country. Whilst every effort has been made to ensure the accuracy of the information, the Mobile Money Regulatory Index is based on a set of data points gathered from regulatory instruments at a specific point in time. Scores are therefore subject to change.
SCOPE
There are currently 90 countries included in the Mobile Money Regulatory Index.
KEY DEFINITIONS
GSMA's Definition of Mobile Money:
A mobile money service includes transferring money and making payments using the mobile phone. Mobile money services who meet the following criteria are eligible to participate in the survey: • The service must be available to the unbanked, e.g. people who do not have access to a formal account at a financial institution. • The service must offer at least one of the following services: Storage of value; Domestic or international transfer; Mobile payment, including bill payment, bulk disbursement, and merchant payment. • The service must offer a network of physical transactional points outside bank branches and ATMs that make the service widely accessible to everyone • The service must offer an interface for initiating transactions for agents or customers that is available on mobile devices. • Mobile banking services that offer the mobile phone as just another channel to access a traditional banking product are not included. • Payment services linked to a traditional banking product or credit card, such as Apple Pay and Google Wallet, are not included.
CONTACT
If you would like to provide feedback or if you have any questions, please contact [email protected].
ABOUT GSMA
The GSMA represents the interests of mobile operators worldwide, uniting nearly 800 operators with almost 300 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organisations in adjacent industry sectors. The GSMA also produces industry-leading events such as Mobile World Congress, Mobile World Congress Shanghai, Mobile World Congress Americas and the Mobile 360 Series of conferences.
ABOUT THE MOBILE MONEY PROGRAMME
The GSMA’s Mobile Money programme works to accelerate the development of the mobile money ecosystem for the underserved.
THE MOBILE MONEY PROGRAMME IS SUPPORTED BY THE BILL & MELINDA GATES FOUNDATION, THE MASTERCARD FOUNDATION, AND OMIDYAR NETWORK
Indicators
SCORING FRAMEWORK
The tables below set out how each indicator is scored and what the relevant criteria assessment are for determining each country's score.
DIMENSION
INDICATOR
CRITERIA
Authorisation
Eligibility
0
0
Non-banks including MNOs are not eligible to issue e-money/offer mobile money services at all
1
20
Non-banks are eligible to issue e-money/offer mobile money services, but MNOs are prohibited from doing so. Alternatively MNOs are eligible to provide MM services, but no other non-bank is
2
40
Non-banks (including MNOs) are NOT eligible to issue e-money/offer mobile money services EXCEPT by acquiring or establishing a lower-tiered prudentially regulated institution that is authorised to issue e-money/offer mobile money/branchless banking directly. The test here is whether the MNO owns the customer relationship with the mobile money account holders. If NO, then this indicator applies.
Brian, see if this new approach works better (scale is 0-20-40-60-100) to bring scores of 2 and 3 closer and also reward countries scoring 4 more than before (given that bank-based models often score higher on some other indicators like interest and settlement access). Alternatively, we could do something like 0-20-60-80-100.
3
60
Non-banks (including MNOs) are NOT eligible to issue e-money directly or obtain regulatory authorisation to offer mobile money services EXCEPT in partnership/in conjunction with a prudentially regulated institution whose role extends beyond providing funds custodial services (e.g. regulatory authorisation, regulatory engagement, etc. but does not have a customer relationship with mobile money account holders). The test here is whether the MNO owns the customer relationship with the mobile money account holders. If YES, then this indicator applies.
4
100
Non-banks (including MNOs) are eligible to issue e-money/offer mobile money services directly or through a subsidiary (which is proportionately regulated), with the involvement of a bank or similar institution as custodian of customer funds
Authorisation Instruments
0
0
There exists no regulatory framework to provide authorisation for the provision of mobile money services
BM - scoring 0 may be rather harsh considering the absence of a formal regulatory instrument does not mean the absence of regulatory oversight (e.g. Fiji). It also does not equate to a score of 0 on i.1 (again, see Fiji).
1
30
There exists no regulatory framework to provide authorisation for the provision of mobile money services, but letters of no objection are released or permission can be granted under a regulatory sandbox
KB - I see what you mean but these are the categories we've selected so I think we have to start and end with 0 and 100. But maybe the I.1 score helps here, i.e. Fiji scores 100 on I.1 because non-banks are allowed to provide MM (presumably with oversight) but what we are focused on here is the presence of a clear authorisation framework - and that doesn't exist
2
60
There exists a formal authorisation to provide mobile money services, which is based on regulatory framework. However, no authorisation has been released yet
3
100
There exist a formal authorisation to provide mobile money services, which is based on regulatory framework, and authorizations have been released
Capital Requirements
0
There are no initial capital requirements to provide mobile money services
50
50 points are awarded if EITHER of the following applies: (i) Initial capital requirements for mobile money providers are greater than $2 million (in purchasing-power parity) AND are greater than 10% of initial capital requirements for commercial banks; (ii) Ongoing capital requirements are imposed and are set greater than 3% of outstanding balances.
100
Mobile money regulations provide for initial capital requirements and they are either less than $2 milllion (in PPP) or lower than 10% of requirements for commercial banks.
International Remittances
0-1
0-100
100 points are awarded if EITHER of the following applies: (i) Regulations (either the mobile money regulation or other regulations that also apply to mobile money) explicitly provides for mobile money customers to send and/or receive international money transfers; OR (ii) the mobile money regulatory framework is not explicit, but it is permitted in practice.
Consumer Protection
0-100
100 points are awarded if ALL of the following apply: (i) MNOs and other non banks providing MM have to keep 100% of their e-money liabilities in liquid assets; AND (ii) MNOs and other non-banks must implement ring-fencing arrangements that protect the float against claims of creditors of the mobile money provider; AND (iii) MNOs and other non banks, as MM providers, cannot intermediate customer funds. If only banks are allowed to provide mobile money or issue e-money, 100 points are awarded.
Brian, I've basically combined I.5a, I.5b and I.8 into a single indicator here (in practice, countries only score 0 due to I.5b as almost everyone gets full score on I.5a and I.8 but it means we technically retain I.5a and I.8 in the framework)
Consumer Protection Rules
Based on I.6a-I.6e
0-100
20 points are awarded for EACH of the following that apply: (i) There are consumer protection rules that apply to mobile money services (either in the mobile money regulatory framework or in other consumer protection regulations or legislation); (ii) The consumer protection rules require that customers are granted access to recourse and complaint procedures in order to resolve disputes; (iii) The consumer protection rules require price disclosures for mobile money transactionss; (iv) The consumer protection rules provide a general disclosure requirement to make the terms of the service available to customers; (v) The consumer protection rules provide for the protection of MM customers' data.
Deposit insurance
0-100
100 points are awarded if deposit insurance protection is provided for each mobile money account (either in the mobile money regulatory framework or other regulations).
KYC
0-100
100 points are awarded if EITHER of the following apply: (i) a national ID must be used and all population above the cut-off age are registered (based on World Bank ID4D data) and at least 90% of a country's adult population has a national ID, based on World Bank Findex data, OR; (ii) Documents beyond Government-issued IDs can be used as minimum requirements in the context of accessing MM services (e.g. employment ID, letter from ward or village executive).
See adjustment I've applied here - I've also incorporated Findex survey data to score 100 so we're not just relying on ID4D. This means the countries that get upgraded include Argentina, Armenia, Rwanda and others that one would probably expect.
KYC requirements
Requirements for verification of information extend beyond a form of identification and a mobile number
1
30
2
80
ID and/or mobile number must be presented; any additional requested information need not be verified
3
100
The regulation allows operators flexibility in setting the minimum KYC requirements, subject to some regulatory review or approval or according to regulations providing risk-based KYC tiers
KYC Proportionality
0-100
100 points are awarded if KYC requirements for opening an entry-level mobile money account are less strict than the KYC requirements for standard bank accounts.
Agent Network
Agent eligibility
0
0
The regulation contains a prescriptive list on the identity of agents, and non-bank agents are not allowed.
1
50
The regulation contains a prescriptive list on the identity of agents, and it allows for non-bank agents.
BM - Perhaps moving from 0-50% is rather abrupt? Also seems disproportionate to the jump from 50%-100%.
2
100
The regulation does not contain a prescriptive list on the identity of agents.
KB -any suggestions? Something closer to 0-20-100 or 0-80-100?
Agent authorisation
0-100
100 points are awarded if mobile money providers do not have to request and receive authorisation to appoint individual (or bulk) agents. If a notification framework is in place, the points are awarded.
Agent activities
1
0
Regulation on the agents' permitted activities is prescriptive, and agents are allowed to perform only one (or none) of the following activities: cash in, cash out, customer enrolment.
BM - We may consider a score of 0 with a corresponding weight of 0% where regulations do not allow the use of non-bank agents. subsequently, consider a score of 20% perhaps - for countries scoring 1 on this indicator.
2
40
Regulation on the agents' permitted activities is prescriptive, and agents are allowed to perform only two of the following activities: cash in, cash out, customer enrolment.
KB - wasn't sure what you meant here. Let's discuss
3
80
Regulation on the agents' permitted activities is prescriptive, and agents are allowed to perform the following activities and possibly others beyond these: cash in, cash out, customer enrolment.
4
100
Agent conditions
0-100
100 points are awarded if BOTH of the following apply: (i) there are no geographical restrictions imposed on agents, AND; (ii) the mobile money regulations explicitly states that the mobile money provider cannot limit its liability with respect to its agents' actions (i.e. it is fully responsible for the actions and omissions of its agents).
Brian, I've basically combined I.23a and I.23b into a single indicator (only India scores 0 on I.23a - Saskhi suggested we perhaps drop I.23a)
Transaction Limits
0
Limits are less than $250 (in purchasing power-parity) AND below 5% of GDP per capita
See suggested transaction scores
50
Limits are less than $1000 (in purchasing power-parity) AND below 10% of GDP per capita
100
Limits are EITHER greater than $1000 (in purchasing-power parity) OR above 10% of GDP per capita
Entry-level monthly limits
Based on I.15d
0
Limits are less than $1000 (in purchasing power-parity) AND below 20% of GDP per capita
50
Limits are less than $3000 (in purchasing power-parity) AND below 40% of GDP per capita
100
Limits are EITHER greater than $3000 (in purchasing-power parity) OR above 40% of GDP per capita
Entry-level balance limits
Based on I.16
0
Limits are less than $1000 (in purchasing power-parity) AND below 10% of GDP per capita
The distributions are slightly different for balance limits compared to monthly limits -but would it be preferable to set the same criteria for monthly and balance limits?
50
Limits are less than $2500 (in purchasing power-parity) AND below 40% of GDP per capita
100
Limits are EITHER greater than $2500 (in purchasing-power parity) OR above 40% of GDP per capita
Maximum transaction limits
Based on I.17a
0
Limits are less than $1000 (in purchasing power-parity) AND below 20% of GDP per capita
50
Limits are less than $3000 (in purchasing power-parity) AND below 60% of GDP per capita
100
Limits are EITHER greater than $3000 (in purchasing-power parity) OR above 60% of GDP per capita
Maximum monthly limits
Based on I.17d
0
Limits are less than $3000 (in purchasing power-parity) AND below 60% of GDP per capita
50
Limits are less than $6000 (in purchasing power-parity) AND below 100% of GDP per capita
100
Limits are EITHER greater than $6000 (in purchasing-power parity) OR above 100% of GDP per capita
Maximum balance limits
Based on I.18
0
Limits are less than $3000 (in purchasing power-parity) AND below 60% of GDP per capita
50
Limits are less than $6000 (in purchasing power-parity) AND below 100% of GDP per capita
100
Limits are EITHER greater than $6000 (in purchasing-power parity) OR above 100% of GDP per capita
Infrastructure and Investment Environment
0-100
100 points are awarded if BOTH of the following apply: (i) No discriminatory taxation (mobile specific taxes) is imposed on mobile money services, AND; (ii) No pricing regulation is imposed on any type of mobile money transaction.
Merged tax and pricing regulation as suggested
Government KYC
0-100
50 points are awarded for EACH of the following that apply: (i) Government provides KYC verification for mobile money providers (verify authenticity of ID via access to Govt database); (ii) Government provides automated KYC verification for mobile money providers.
Interoperability
0-100
100 points are awarded if the regulation does not prescribe the technical standards for interoperability.
Settlement Access
0-100
100 points are awarded if MNOs and other non banks providing mobile money have direct access to the country's retail payment settlement infrastructure. If only banks can provide mobile money or issue e-money, the points are awarded. If non-bank mobile money providers only have indirect access through a custodial bank, a score of 0 is awarded.
Interest payments
30
Mobile money regulatory framework does not explicitly address whether mobile money providers may earn interest on mobile money trust accounts, but it appears to be happening in practice.
70
Mobile money regulatory framework explicitly permits mobile money providers to earn interest on mobile money trust accounts, with certain restrictions on how the interest may be utilised or distributed (e.g., prohibition on distribution to customers, requirement that funds are distributed to customers, requirement that funds are used for customer benefit, etc.)
100
Mobile money regulatory framework explicitly permits mobile money providers to earn interest on mobile money trust accounts, with no restrictions on how the interest may be utilised or distributed.
Financial inclusion strategy
Based on I.25a-c
0-100
(i) 50 points are awarded if the country has or has had in place a written national financial inclusion policy/strategy. (ii) A further 25 points are awraded if the written national financial inclusion/policy has or has had at some point a specific mobile element. (iii) A further 25 points are awarded if the written national financial inclusion/policy has or has had at some point targets to address the gender gap. If the gender gap in financial access is less than 5%, according to World Bank Findex survey data, the points are awarded if there are no gender gap targets. If a country has no written financial inclusion policy/strategy but more than 95% of the adult population has an account (according to World Bank Findex survey data), 100 points are awarded.
Brian, see proposed changes here for gender.
WEIGHTS USED TO CONSTRUCT INDEX
In order to construct the overall index score, it is necessary to aggregate the indicators and dimensions. The table below provides the weights that are applied to the indicators for each dimension and the weights that are used to aggregate the six dimensions into a single index score. All aggregation is done via weighted arithmetic averages.
Weights
Dimension
Indicators
Weight
Dimension
Indicators
Weight
Affordability
30%
2018
ARG
Argentina
2019
76.73
48.00
100.00
60.00
88.89
100.00
100.00
0.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
ARM
Armenia
2018
74.63
90.00
80.00
0.00
88.89
100.00
73.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
30.00
0.00
BOL
Bolivia
2019
74.63
90.00
80.00
0.00
88.89
100.00
73.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
30.00
0.00
BWA
Botswana
2018
77.66
100.00
40.00
52.00
88.89
78.50
87.50
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
80.00
100.00
100.00
50.00
50.00
100.00
100.00
100.00
50.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
75.00
BRA
Brazil
2019
84.66
100.00
80.00
52.00
88.89
78.50
97.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
50.00
50.00
100.00
100.00
100.00
50.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
75.00
BFA
2018
90.58
100.00
100.00
92.00
55.56
96.00
90.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
30.00
75.00
COL
Colombia
2019
90.58
100.00
100.00
92.00
55.56
96.00
90.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
30.00
75.00
COG
Congo
2018
64.75
60.00
100.00
0.00
100.00
65.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
DOM
2019
64.75
60.00
100.00
0.00
100.00
65.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
EGY
Egypt
2018
65.90
84.00
80.00
0.00
66.67
96.00
43.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
0.00
EGY
Egypt
2019
65.90
84.00
80.00
0.00
66.67
96.00
43.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
0.00
SLV
2018
75.80
100.00
100.00
32.00
33.33
100.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
80.00
0.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
SLV
2019
75.80
100.00
100.00
32.00
33.33
100.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
80.00
0.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
GNQ
2018
69.17
60.00
100.00
0.00
94.44
100.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
GTM
Guatemala
2019
69.92
60.00
100.00
0.00
94.44
100.00
77.50
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
75.00
GIN
Guinea
2018
69.30
70.00
80.00
0.00
100.00
100.00
63.00
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
30.00
0.00
GUY
Guyana
2019
75.70
90.00
80.00
0.00
100.00
100.00
67.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
0.00
HTI
Haiti
2018
65.23
84.00
80.00
0.00
55.56
96.00
53.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
100.00
HTI
Haiti
2019
63.57
84.00
80.00
0.00
44.44
96.00
53.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
0.00
50.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
100.00
HND
Honduras
2018
74.96
90.00
80.00
52.00
55.56
82.50
74.50
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
50.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
75.00
HND
Honduras
2019
74.96
90.00
80.00
52.00
55.56
82.50
74.50
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
50.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
75.00
IND
India
2018
68.70
90.00
80.00
0.00
100.00
86.00
18.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
0.00
0.00
100.00
30.00
50.00
IRQ
Iraq
2019
68.70
90.00
80.00
0.00
100.00
86.00
18.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
0.00
0.00
100.00
30.00
50.00
JAM
Jamaica
2018
77.00
90.00
100.00
92.00
33.33
65.00
64.50
100.00
100.00
100.00
0.00
100.00
100.00
100.00
100.00
80.00
100.00
0.00
100.00
0.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
75.00
JAM
Jamaica
2019
85.00
100.00
100.00
92.00
66.67
65.00
64.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
50.00
100.00
50.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
75.00
JOR
Jordan
2018
79.17
90.00
80.00
52.00
77.78
100.00
57.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
50.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
70.00
100.00
JOR
Jordan
2019
79.17
90.00
80.00
52.00
77.78
100.00
57.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
50.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
70.00
100.00
KEN
Kenya
2018
73.37
88.00
40.00
60.00
77.78
100.00
53.00
100.00
60.00
100.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
30.00
100.00
MEX
Mexico
2019
73.37
88.00
40.00
60.00
77.78
100.00
53.00
100.00
60.00
100.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
30.00
100.00
MNG
Mongolia
2018
78.99
100.00
80.00
52.00
77.78
78.50
57.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
0.00
100.00
100.00
50.00
50.00
100.00
80.00
100.00
0.00
50.00
100.00
100.00
100.00
75.00
MAR
Morocco
2019
76.99
100.00
80.00
52.00
77.78
78.50
37.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
0.00
100.00
100.00
50.00
50.00
100.00
80.00
100.00
0.00
50.00
0.00
100.00
100.00
75.00
MOZ
Mozambique
2018
69.08
100.00
40.00
0.00
100.00
82.50
57.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
0.00
NIC
Nicaragua
2019
69.08
100.00
40.00
0.00
100.00
82.50
57.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
0.00
NER
Niger
2018
64.78
70.00
80.00
0.00
55.56
100.00
84.50
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
75.00
PRY
Paraguay
2019
65.78
70.00
80.00
0.00
55.56
100.00
94.50
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
70.00
75.00
PER
Peru
2018
90.33
100.00
80.00
92.00
72.22
100.00
87.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
80.00
100.00
50.00
50.00
50.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
100.00
PER
Peru
2019
90.33
100.00
80.00
92.00
72.22
100.00
87.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
80.00
100.00
50.00
50.00
50.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
100.00
PHL
Philippines
2018
63.97
84.00
72.00
52.00
77.78
0.00
85.00
60.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
80.00
100.00
0.00
100.00
100.00
50.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
50.00
QAT
Qatar
2019
63.97
84.00
72.00
52.00
77.78
0.00
85.00
60.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
80.00
100.00
0.00
100.00
100.00
50.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
50.00
ROU
Romania
2018
TUN
Tunisia
2019
79.12
100.00
80.00
52.00
61.11
96.00
57.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
50.00
100.00
0.00
50.00
100.00
50.00
100.00
100.00
80.00
100.00
100.00
0.00
100.00
0.00
0.00
75.00
UGA
Uganda
2018
THA
Thailand
2018
74.63
90.00
80.00
0.00
88.89
100.00
73.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
30.00
0.00
LSO
Lesotho
2018
77.66
100.00
40.00
52.00
88.89
78.50
87.50
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
80.00
100.00
100.00
50.00
50.00
100.00
100.00
100.00
50.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
75.00
COL
Colombia
2019
90.58
100.00
100.00
92.00
55.56
96.00
90.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
30.00
75.00
BFA
2019
90.33
100.00
80.00
92.00
72.22
100.00
87.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
80.00
100.00
50.00
50.00
50.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
100.00
BDI
Burundi
2018
90.58
100.00
100.00
92.00
55.56
96.00
90.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
30.00
75.00
KGZ
Kyrgyzstan
2019
85.00
100.00
100.00
92.00
66.67
65.00
64.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
50.00
100.00
50.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
75.00
COD
2019
84.66
100.00
80.00
52.00
88.89
78.50
97.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
50.00
50.00
100.00
100.00
100.00
50.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
75.00
CIV
2018
64.75
60.00
100.00
0.00
100.00
65.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
KEN
Kenya
2018
65.90
84.00
80.00
0.00
66.67
96.00
43.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
0.00
SLE
2018
75.80
100.00
100.00
32.00
33.33
100.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
80.00
0.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
SGP
Singapore
2018
69.17
60.00
100.00
0.00
94.44
100.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
GAB
Gabon
2018
69.30
70.00
80.00
0.00
100.00
100.00
63.00
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
30.00
0.00
GEO
Georgia
2018
65.23
84.00
80.00
0.00
55.56
96.00
53.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
100.00
ETH
Ethiopia
2018
74.96
90.00
80.00
52.00
55.56
82.50
74.50
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
50.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
75.00
ROU
Romania
2019
79.17
90.00
80.00
52.00
77.78
100.00
57.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
50.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
70.00
100.00
IDN
Indonesia
2019
79.12
100.00
80.00
52.00
61.11
96.00
57.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
50.00
100.00
0.00
50.00
100.00
50.00
100.00
100.00
80.00
100.00
100.00
0.00
100.00
0.00
0.00
75.00
IRQ
Iraq
2018
68.70
90.00
80.00
0.00
100.00
86.00
18.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
0.00
0.00
100.00
30.00
50.00
NER
Niger
2018
77.00
90.00
100.00
92.00
33.33
65.00
64.50
100.00
100.00
100.00
0.00
100.00
100.00
100.00
100.00
80.00
100.00
0.00
100.00
0.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
75.00
IDN
Indonesia
2018
79.17
90.00
80.00
52.00
77.78
100.00
57.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
50.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
70.00
100.00
COG
Congo
2018
73.37
88.00
40.00
60.00
77.78
100.00
53.00
100.00
60.00
100.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
30.00
100.00
NPL
Nepal
2019
76.99
100.00
80.00
52.00
77.78
78.50
37.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
0.00
100.00
100.00
50.00
50.00
100.00
80.00
100.00
0.00
50.00
0.00
100.00
100.00
75.00
MAR
Morocco
2018
78.99
100.00
80.00
52.00
77.78
78.50
57.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
0.00
100.00
100.00
50.00
50.00
100.00
80.00
100.00
0.00
50.00
100.00
100.00
100.00
75.00
ARG
Argentina
2019
76.73
48.00
100.00
60.00
88.89
100.00
100.00
0.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
MOZ
Mozambique
2019
75.80
100.00
100.00
32.00
33.33
100.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
80.00
0.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
NPL
Nepal
2019
75.70
90.00
80.00
0.00
100.00
100.00
67.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
0.00
NIC
Nicaragua
2018
69.08
100.00
40.00
0.00
100.00
82.50
57.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
0.00
CIV
2019
74.96
90.00
80.00
52.00
55.56
82.50
74.50
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
50.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
75.00
PAK
Pakistan
2018
64.78
70.00
80.00
0.00
55.56
100.00
84.50
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
75.00
BOL
Bolivia
2019
74.63
90.00
80.00
0.00
88.89
100.00
73.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
30.00
0.00
PER
Peru
2018
90.33
100.00
80.00
92.00
72.22
100.00
87.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
80.00
100.00
50.00
50.00
50.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
100.00
BWA
Botswana
2018
63.97
84.00
72.00
52.00
77.78
0.00
85.00
60.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
80.00
100.00
0.00
100.00
100.00
50.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
50.00
GMB
Gambia
2019
73.37
88.00
40.00
60.00
77.78
100.00
53.00
100.00
60.00
100.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
30.00
100.00
SEN
Senegal
2019
69.92
60.00
100.00
0.00
94.44
100.00
77.50
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
75.00
SLE
2019
69.08
100.00
40.00
0.00
100.00
82.50
57.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
0.00
SGP
Singapore
2019
68.70
90.00
80.00
0.00
100.00
86.00
18.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
0.00
0.00
100.00
30.00
50.00
SLB
2019
65.90
84.00
80.00
0.00
66.67
96.00
43.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
0.00
TJK
Tajikistan
2019
65.78
70.00
80.00
0.00
55.56
100.00
94.50
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
70.00
75.00
TZA
Tanzania
2019
64.75
60.00
100.00
0.00
100.00
65.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
TLS
Timor-Leste
2019
63.97
84.00
72.00
52.00
77.78
0.00
85.00
60.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
80.00
100.00
0.00
100.00
100.00
50.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
50.00
TGO
Togo
2019
63.57
84.00
80.00
0.00
44.44
96.00
53.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
0.00
50.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
100.00
TUN
Tunisia
2018
MOZ
Mozambique
Transaction Limits
Deposit Insurance20%KYC Proportionality20%
Entry-level transaction limits11.1%Affordability30%
Entry-level balance limits11.1%Interoperability20%
Maximum balance limits22.2%Financial Inclusion Strategy10%
KYC (15%)
Infrastructure and
Limits (15%)
Looking ahead, we see three main areas for future growth of mobile money in Asia
2
1
Taking financial inclusion beyond access and usage
Increasing consumer awareness of mobile money amongst women
Mobile money-enabled adjacent services are still nascent across the region
48 95 48 of 95 markets are interoperable
1
47 Over
money
The awareness gender gap is widest in Asia2
Awareness of Mobile Money Among Men and Women
80%
AFRICA LATAM ASIA
Across regions, the transaction mix varies with opportunity to further digitise ecosystem transactions
East Asia and Pacific Breakdown Global Breakdown
NUMBER OF TRANSACTIONS
10.6%
71.1%
2.6%
International remittances present a sizeable untapped opportunity in the region
of mobile money services in Asia offer international remittance products
Only 16% offer outbound
…via mobile money
…via formal channels
*Source: World Bank
3
Mobile money is central to the mobile industry’s contribution to many of the Sustainable Development Goals
Download the report
Slide Number 2
Slide Number 3
Slide Number 4
Mobile money adoption in Asia made a significant contribution to global growth…
Slide Number 6
Slide Number 7
Account activity in the region continues to grow
Agents remain the main gateway for digitising cash
Asia has doubled its share of the value of all global mobile money transactions over the past 6 years
Asia’s mobile money transactions have become increasingly digital...
…primarily due to mobile money becoming increasingly integral to the financial ecosystem
…and through partnerships with banks and seamless integrations with third parties
Slide Number 14
Asia’s rapid mobile internet and smartphone adoption has helped boost merchant payments and e-commerce
Regulatory frameworks became more enabling in 8 markets
Looking ahead, we see three main areas for future growth of mobile money in Asia
Mobile money-enabled adjacent services are still nascent across the region
The awareness gender gap is widest in Asia
Across regions, the transaction mix varies with opportunity to further digitise ecosystem transactions
International remittances present a sizeable untapped opportunity in the region
Mobile money is central to the mobile industry’s contribution to many of the Sustainable Development Goals
Download the report
2019
gsma.com/sotir
2019
new accounts
The GSMA’s State of the Industry Report is based on a comprehensive set of databases
Mobile Money Deployment Tracker
Monitors the number of live mobile money services across the globe, collated using both primary and secondary sources on a monthly basis.
Global Adoption Survey
An annual survey designed to capture quantitative & qualitative information about the performance of mobile financial services around the world.
Mobile Money Estimates & Forecasts
Proprietary modelling approach to fill gaps in participation in the annual Global Adoption Survey and to estimate mobile money indicators at a global, regional and country level.
GLOBAL
42mn
Asia makes up almost a half of all registered mobile money accounts globally
473mn
registered accounts
Mobile money adoption in Asia made a significant contribution to global growth…
East Asia and Pacific
30 million new accounts
East Asia ad Pacific
2014 2019
15%
Asia
Mobile money is reaching an increasing number of people in the region
East Asia and Pacific
money 4%6%
53%
32%30%27%27%13%
30 deployments now have over 1m active accounts (90-day) compared to 7 in 2014.
307 2014 2019
42 out of the 87 services in the region have an account activity rate greater than the regional average.
Account activity rate
53%
Asia’s agent network comprises of 4mn registered agents, 52% of all mobile money agents globally
In 2019, mobile money agents digitised $43bn of cash, a quarter of the value digitised globally
Average agent activity rate in the region
Asia has doubled its share of the value of all global mobile money transactions over the past 6 years
(30-day) Active
30% of the value of all
mobile money transactions are
carried out in Asia
growth since 2015
43% 30%
DIGITAL TRANSACTIONS
THE VALUE SHARE IN 2015
…primarily due to mobile money becoming increasingly integral to the financial ecosystem
11 22 Half of all Asian mobile money markets are interoperable
Interoperability with banks
Mobile money to bank account flows make up 17% of the value of outgoing
transactions
Mobile money account-to- account (A2A) interoperability
The value of flows to and from bank accounts grew by 28%
Mobile money A2A interoperability is live in 6 markets
The volume of interoperable P2P transfers more than doubled
…and through partnerships with banks and seamless integrations with third parties
Companies using MM to make bulk disbursements
Banks allowing MM to bank interoperability
Companies with a bill payment account
Merchant accounts
Global - 52
Global – 13,057
Global – 13
Global – 98
Number of Mobile Money Integrations
Almost twice the amount of value is circulating Asia’s mobile money system than exiting
$8.6bn IN CIRCULATION
$4.6bn OUTGOING IR initiated
ATU Off-net P2P
Asia’s rapid mobile internet and smartphone adoption has helped boost merchant payments and e-commerce
84% Asia is the only region where more merchants offer QR code payment technology rather than
USSD
online
75%
online
Country 2018 Index
Protection Transaction
Samoa 0.0
Maldives 0.0
Fiji 0.0
Bangladesh 2.7
Timor-Leste 0.0
Score 80 to 100 Score 70 to 80 Score 0 to 70
All countries now require
liabilities in liquid assets
provide mobile money services
INTRODUCTION
The Mobile Money Regulatory Index scores 90 countries based on the extent to which their regulatory framework enables widespread mobile money adoption.
The index is comprised of three 'levels', with each level scored between 0 and 100. A higher score is associated with a more enabling regulatory framework.
Index: A single composite indicator to measure how enabling a country's regulatory framework is.
Dimensions: Six dimensions, which are aggregated to produce the overall index score.
Indicators: 26 indicators, which are aggregated to produce the six dimension scores.
DATA SOURCES
The indicator scores are based on a set of criteria and definitions provided in the 'Indicators' tab. These have been assessed based the prevailing regulations or regulatory instruments that are applicable to mobile money in each country. Whilst every effort has been made to ensure the accuracy of the information, the Mobile Money Regulatory Index is based on a set of data points gathered from regulatory instruments at a specific point in time. Scores are therefore subject to change.
SCOPE
There are currently 90 countries included in the Mobile Money Regulatory Index.
KEY DEFINITIONS
GSMA's Definition of Mobile Money:
A mobile money service includes transferring money and making payments using the mobile phone. Mobile money services who meet the following criteria are eligible to participate in the survey: • The service must be available to the unbanked, e.g. people who do not have access to a formal account at a financial institution. • The service must offer at least one of the following services: Storage of value; Domestic or international transfer; Mobile payment, including bill payment, bulk disbursement, and merchant payment. • The service must offer a network of physical transactional points outside bank branches and ATMs that make the service widely accessible to everyone • The service must offer an interface for initiating transactions for agents or customers that is available on mobile devices. • Mobile banking services that offer the mobile phone as just another channel to access a traditional banking product are not included. • Payment services linked to a traditional banking product or credit card, such as Apple Pay and Google Wallet, are not included.
CONTACT
If you would like to provide feedback or if you have any questions, please contact [email protected].
ABOUT GSMA
The GSMA represents the interests of mobile operators worldwide, uniting nearly 800 operators with almost 300 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organisations in adjacent industry sectors. The GSMA also produces industry-leading events such as Mobile World Congress, Mobile World Congress Shanghai, Mobile World Congress Americas and the Mobile 360 Series of conferences.
ABOUT THE MOBILE MONEY PROGRAMME
The GSMA’s Mobile Money programme works to accelerate the development of the mobile money ecosystem for the underserved.
THE MOBILE MONEY PROGRAMME IS SUPPORTED BY THE BILL & MELINDA GATES FOUNDATION, THE MASTERCARD FOUNDATION, AND OMIDYAR NETWORK
Indicators
SCORING FRAMEWORK
The tables below set out how each indicator is scored and what the relevant criteria assessment are for determining each country's score.
DIMENSION
INDICATOR
CRITERIA
Authorisation
Eligibility
0
0
Non-banks including MNOs are not eligible to issue e-money/offer mobile money services at all
1
20
Non-banks are eligible to issue e-money/offer mobile money services, but MNOs are prohibited from doing so. Alternatively MNOs are eligible to provide MM services, but no other non-bank is
2
40
Non-banks (including MNOs) are NOT eligible to issue e-money/offer mobile money services EXCEPT by acquiring or establishing a lower-tiered prudentially regulated institution that is authorised to issue e-money/offer mobile money/branchless banking directly. The test here is whether the MNO owns the customer relationship with the mobile money account holders. If NO, then this indicator applies.
Brian, see if this new approach works better (scale is 0-20-40-60-100) to bring scores of 2 and 3 closer and also reward countries scoring 4 more than before (given that bank-based models often score higher on some other indicators like interest and settlement access). Alternatively, we could do something like 0-20-60-80-100.
3
60
Non-banks (including MNOs) are NOT eligible to issue e-money directly or obtain regulatory authorisation to offer mobile money services EXCEPT in partnership/in conjunction with a prudentially regulated institution whose role extends beyond providing funds custodial services (e.g. regulatory authorisation, regulatory engagement, etc. but does not have a customer relationship with mobile money account holders). The test here is whether the MNO owns the customer relationship with the mobile money account holders. If YES, then this indicator applies.
4
100
Non-banks (including MNOs) are eligible to issue e-money/offer mobile money services directly or through a subsidiary (which is proportionately regulated), with the involvement of a bank or similar institution as custodian of customer funds
Authorisation Instruments
0
0
There exists no regulatory framework to provide authorisation for the provision of mobile money services
BM - scoring 0 may be rather harsh considering the absence of a formal regulatory instrument does not mean the absence of regulatory oversight (e.g. Fiji). It also does not equate to a score of 0 on i.1 (again, see Fiji).
1
30
There exists no regulatory framework to provide authorisation for the provision of mobile money services, but letters of no objection are released or permission can be granted under a regulatory sandbox
KB - I see what you mean but these are the categories we've selected so I think we have to start and end with 0 and 100. But maybe the I.1 score helps here, i.e. Fiji scores 100 on I.1 because non-banks are allowed to provide MM (presumably with oversight) but what we are focused on here is the presence of a clear authorisation framework - and that doesn't exist
2
60
There exists a formal authorisation to provide mobile money services, which is based on regulatory framework. However, no authorisation has been released yet
3
100
There exist a formal authorisation to provide mobile money services, which is based on regulatory framework, and authorizations have been released
Capital Requirements
0
There are no initial capital requirements to provide mobile money services
50
50 points are awarded if EITHER of the following applies: (i) Initial capital requirements for mobile money providers are greater than $2 million (in purchasing-power parity) AND are greater than 10% of initial capital requirements for commercial banks; (ii) Ongoing capital requirements are imposed and are set greater than 3% of outstanding balances.
100
Mobile money regulations provide for initial capital requirements and they are either less than $2 milllion (in PPP) or lower than 10% of requirements for commercial banks.
International Remittances
0-1
0-100
100 points are awarded if EITHER of the following applies: (i) Regulations (either the mobile money regulation or other regulations that also apply to mobile money) explicitly provides for mobile money customers to send and/or receive international money transfers; OR (ii) the mobile money regulatory framework is not explicit, but it is permitted in practice.
Consumer Protection
0-100
100 points are awarded if ALL of the following apply: (i) MNOs and other non banks providing MM have to keep 100% of their e-money liabilities in liquid assets; AND (ii) MNOs and other non-banks must implement ring-fencing arrangements that protect the float against claims of creditors of the mobile money provider; AND (iii) MNOs and other non banks, as MM providers, cannot intermediate customer funds. If only banks are allowed to provide mobile money or issue e-money, 100 points are awarded.
Brian, I've basically combined I.5a, I.5b and I.8 into a single indicator here (in practice, countries only score 0 due to I.5b as almost everyone gets full score on I.5a and I.8 but it means we technically retain I.5a and I.8 in the framework)
Consumer Protection Rules
Based on I.6a-I.6e
0-100
20 points are awarded for EACH of the following that apply: (i) There are consumer protection rules that apply to mobile money services (either in the mobile money regulatory framework or in other consumer protection regulations or legislation); (ii) The consumer protection rules require that customers are granted access to recourse and complaint procedures in order to resolve disputes; (iii) The consumer protection rules require price disclosures for mobile money transactionss; (iv) The consumer protection rules provide a general disclosure requirement to make the terms of the service available to customers; (v) The consumer protection rules provide for the protection of MM customers' data.
Deposit insurance
0-100
100 points are awarded if deposit insurance protection is provided for each mobile money account (either in the mobile money regulatory framework or other regulations).
KYC
0-100
100 points are awarded if EITHER of the following apply: (i) a national ID must be used and all population above the cut-off age are registered (based on World Bank ID4D data) and at least 90% of a country's adult population has a national ID, based on World Bank Findex data, OR; (ii) Documents beyond Government-issued IDs can be used as minimum requirements in the context of accessing MM services (e.g. employment ID, letter from ward or village executive).
See adjustment I've applied here - I've also incorporated Findex survey data to score 100 so we're not just relying on ID4D. This means the countries that get upgraded include Argentina, Armenia, Rwanda and others that one would probably expect.
KYC requirements
Requirements for verification of information extend beyond a form of identification and a mobile number
1
30
2
80
ID and/or mobile number must be presented; any additional requested information need not be verified
3
100
The regulation allows operators flexibility in setting the minimum KYC requirements, subject to some regulatory review or approval or according to regulations providing risk-based KYC tiers
KYC Proportionality
0-100
100 points are awarded if KYC requirements for opening an entry-level mobile money account are less strict than the KYC requirements for standard bank accounts.
Agent Network
Agent eligibility
0
0
The regulation contains a prescriptive list on the identity of agents, and non-bank agents are not allowed.
1
50
The regulation contains a prescriptive list on the identity of agents, and it allows for non-bank agents.
BM - Perhaps moving from 0-50% is rather abrupt? Also seems disproportionate to the jump from 50%-100%.
2
100
The regulation does not contain a prescriptive list on the identity of agents.
KB -any suggestions? Something closer to 0-20-100 or 0-80-100?
Agent authorisation
0-100
100 points are awarded if mobile money providers do not have to request and receive authorisation to appoint individual (or bulk) agents. If a notification framework is in place, the points are awarded.
Agent activities
1
0
Regulation on the agents' permitted activities is prescriptive, and agents are allowed to perform only one (or none) of the following activities: cash in, cash out, customer enrolment.
BM - We may consider a score of 0 with a corresponding weight of 0% where regulations do not allow the use of non-bank agents. subsequently, consider a score of 20% perhaps - for countries scoring 1 on this indicator.
2
40
Regulation on the agents' permitted activities is prescriptive, and agents are allowed to perform only two of the following activities: cash in, cash out, customer enrolment.
KB - wasn't sure what you meant here. Let's discuss
3
80
Regulation on the agents' permitted activities is prescriptive, and agents are allowed to perform the following activities and possibly others beyond these: cash in, cash out, customer enrolment.
4
100
Agent conditions
0-100
100 points are awarded if BOTH of the following apply: (i) there are no geographical restrictions imposed on agents, AND; (ii) the mobile money regulations explicitly states that the mobile money provider cannot limit its liability with respect to its agents' actions (i.e. it is fully responsible for the actions and omissions of its agents).
Brian, I've basically combined I.23a and I.23b into a single indicator (only India scores 0 on I.23a - Saskhi suggested we perhaps drop I.23a)
Transaction Limits
0
Limits are less than $250 (in purchasing power-parity) AND below 5% of GDP per capita
See suggested transaction scores
50
Limits are less than $1000 (in purchasing power-parity) AND below 10% of GDP per capita
100
Limits are EITHER greater than $1000 (in purchasing-power parity) OR above 10% of GDP per capita
Entry-level monthly limits
Based on I.15d
0
Limits are less than $1000 (in purchasing power-parity) AND below 20% of GDP per capita
50
Limits are less than $3000 (in purchasing power-parity) AND below 40% of GDP per capita
100
Limits are EITHER greater than $3000 (in purchasing-power parity) OR above 40% of GDP per capita
Entry-level balance limits
Based on I.16
0
Limits are less than $1000 (in purchasing power-parity) AND below 10% of GDP per capita
The distributions are slightly different for balance limits compared to monthly limits -but would it be preferable to set the same criteria for monthly and balance limits?
50
Limits are less than $2500 (in purchasing power-parity) AND below 40% of GDP per capita
100
Limits are EITHER greater than $2500 (in purchasing-power parity) OR above 40% of GDP per capita
Maximum transaction limits
Based on I.17a
0
Limits are less than $1000 (in purchasing power-parity) AND below 20% of GDP per capita
50
Limits are less than $3000 (in purchasing power-parity) AND below 60% of GDP per capita
100
Limits are EITHER greater than $3000 (in purchasing-power parity) OR above 60% of GDP per capita
Maximum monthly limits
Based on I.17d
0
Limits are less than $3000 (in purchasing power-parity) AND below 60% of GDP per capita
50
Limits are less than $6000 (in purchasing power-parity) AND below 100% of GDP per capita
100
Limits are EITHER greater than $6000 (in purchasing-power parity) OR above 100% of GDP per capita
Maximum balance limits
Based on I.18
0
Limits are less than $3000 (in purchasing power-parity) AND below 60% of GDP per capita
50
Limits are less than $6000 (in purchasing power-parity) AND below 100% of GDP per capita
100
Limits are EITHER greater than $6000 (in purchasing-power parity) OR above 100% of GDP per capita
Infrastructure and Investment Environment
0-100
100 points are awarded if BOTH of the following apply: (i) No discriminatory taxation (mobile specific taxes) is imposed on mobile money services, AND; (ii) No pricing regulation is imposed on any type of mobile money transaction.
Merged tax and pricing regulation as suggested
Government KYC
0-100
50 points are awarded for EACH of the following that apply: (i) Government provides KYC verification for mobile money providers (verify authenticity of ID via access to Govt database); (ii) Government provides automated KYC verification for mobile money providers.
Interoperability
0-100
100 points are awarded if the regulation does not prescribe the technical standards for interoperability.
Settlement Access
0-100
100 points are awarded if MNOs and other non banks providing mobile money have direct access to the country's retail payment settlement infrastructure. If only banks can provide mobile money or issue e-money, the points are awarded. If non-bank mobile money providers only have indirect access through a custodial bank, a score of 0 is awarded.
Interest payments
30
Mobile money regulatory framework does not explicitly address whether mobile money providers may earn interest on mobile money trust accounts, but it appears to be happening in practice.
70
Mobile money regulatory framework explicitly permits mobile money providers to earn interest on mobile money trust accounts, with certain restrictions on how the interest may be utilised or distributed (e.g., prohibition on distribution to customers, requirement that funds are distributed to customers, requirement that funds are used for customer benefit, etc.)
100
Mobile money regulatory framework explicitly permits mobile money providers to earn interest on mobile money trust accounts, with no restrictions on how the interest may be utilised or distributed.
Financial inclusion strategy
Based on I.25a-c
0-100
(i) 50 points are awarded if the country has or has had in place a written national financial inclusion policy/strategy. (ii) A further 25 points are awraded if the written national financial inclusion/policy has or has had at some point a specific mobile element. (iii) A further 25 points are awarded if the written national financial inclusion/policy has or has had at some point targets to address the gender gap. If the gender gap in financial access is less than 5%, according to World Bank Findex survey data, the points are awarded if there are no gender gap targets. If a country has no written financial inclusion policy/strategy but more than 95% of the adult population has an account (according to World Bank Findex survey data), 100 points are awarded.
Brian, see proposed changes here for gender.
WEIGHTS USED TO CONSTRUCT INDEX
In order to construct the overall index score, it is necessary to aggregate the indicators and dimensions. The table below provides the weights that are applied to the indicators for each dimension and the weights that are used to aggregate the six dimensions into a single index score. All aggregation is done via weighted arithmetic averages.
Weights
Dimension
Indicators
Weight
Dimension
Indicators
Weight
Affordability
30%
2018
ARG
Argentina
2019
76.73
48.00
100.00
60.00
88.89
100.00
100.00
0.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
ARM
Armenia
2018
74.63
90.00
80.00
0.00
88.89
100.00
73.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
30.00
0.00
BOL
Bolivia
2019
74.63
90.00
80.00
0.00
88.89
100.00
73.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
30.00
0.00
BWA
Botswana
2018
77.66
100.00
40.00
52.00
88.89
78.50
87.50
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
80.00
100.00
100.00
50.00
50.00
100.00
100.00
100.00
50.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
75.00
BRA
Brazil
2019
84.66
100.00
80.00
52.00
88.89
78.50
97.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
50.00
50.00
100.00
100.00
100.00
50.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
75.00
BFA
2018
90.58
100.00
100.00
92.00
55.56
96.00
90.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
30.00
75.00
COL
Colombia
2019
90.58
100.00
100.00
92.00
55.56
96.00
90.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
30.00
75.00
COG
Congo
2018
64.75
60.00
100.00
0.00
100.00
65.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
DOM
2019
64.75
60.00
100.00
0.00
100.00
65.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
EGY
Egypt
2018
65.90
84.00
80.00
0.00
66.67
96.00
43.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
0.00
EGY
Egypt
2019
65.90
84.00
80.00
0.00
66.67
96.00
43.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
0.00
SLV
2018
75.80
100.00
100.00
32.00
33.33
100.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
80.00
0.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
SLV
2019
75.80
100.00
100.00
32.00
33.33
100.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
80.00
0.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
GNQ
2018
69.17
60.00
100.00
0.00
94.44
100.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
GTM
Guatemala
2019
69.92
60.00
100.00
0.00
94.44
100.00
77.50
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
75.00
GIN
Guinea
2018
69.30
70.00
80.00
0.00
100.00
100.00
63.00
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
30.00
0.00
GUY
Guyana
2019
75.70
90.00
80.00
0.00
100.00
100.00
67.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
0.00
HTI
Haiti
2018
65.23
84.00
80.00
0.00
55.56
96.00
53.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
100.00
HTI
Haiti
2019
63.57
84.00
80.00
0.00
44.44
96.00
53.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
0.00
50.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
100.00
HND
Honduras
2018
74.96
90.00
80.00
52.00
55.56
82.50
74.50
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
50.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
75.00
HND
Honduras
2019
74.96
90.00
80.00
52.00
55.56
82.50
74.50
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
50.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
75.00
IND
India
2018
68.70
90.00
80.00
0.00
100.00
86.00
18.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
0.00
0.00
100.00
30.00
50.00
IRQ
Iraq
2019
68.70
90.00
80.00
0.00
100.00
86.00
18.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
0.00
0.00
100.00
30.00
50.00
JAM
Jamaica
2018
77.00
90.00
100.00
92.00
33.33
65.00
64.50
100.00
100.00
100.00
0.00
100.00
100.00
100.00
100.00
80.00
100.00
0.00
100.00
0.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
75.00
JAM
Jamaica
2019
85.00
100.00
100.00
92.00
66.67
65.00
64.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
50.00
100.00
50.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
75.00
JOR
Jordan
2018
79.17
90.00
80.00
52.00
77.78
100.00
57.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
50.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
70.00
100.00
JOR
Jordan
2019
79.17
90.00
80.00
52.00
77.78
100.00
57.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
50.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
70.00
100.00
KEN
Kenya
2018
73.37
88.00
40.00
60.00
77.78
100.00
53.00
100.00
60.00
100.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
30.00
100.00
MEX
Mexico
2019
73.37
88.00
40.00
60.00
77.78
100.00
53.00
100.00
60.00
100.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
30.00
100.00
MNG
Mongolia
2018
78.99
100.00
80.00
52.00
77.78
78.50
57.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
0.00
100.00
100.00
50.00
50.00
100.00
80.00
100.00
0.00
50.00
100.00
100.00
100.00
75.00
MAR
Morocco
2019
76.99
100.00
80.00
52.00
77.78
78.50
37.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
0.00
100.00
100.00
50.00
50.00
100.00
80.00
100.00
0.00
50.00
0.00
100.00
100.00
75.00
MOZ
Mozambique
2018
69.08
100.00
40.00
0.00
100.00
82.50
57.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
0.00
NIC
Nicaragua
2019
69.08
100.00
40.00
0.00
100.00
82.50
57.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
0.00
NER
Niger
2018
64.78
70.00
80.00
0.00
55.56
100.00
84.50
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
75.00
PRY
Paraguay
2019
65.78
70.00
80.00
0.00
55.56
100.00
94.50
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
70.00
75.00
PER
Peru
2018
90.33
100.00
80.00
92.00
72.22
100.00
87.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
80.00
100.00
50.00
50.00
50.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
100.00
PER
Peru
2019
90.33
100.00
80.00
92.00
72.22
100.00
87.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
80.00
100.00
50.00
50.00
50.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
100.00
PHL
Philippines
2018
63.97
84.00
72.00
52.00
77.78
0.00
85.00
60.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
80.00
100.00
0.00
100.00
100.00
50.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
50.00
QAT
Qatar
2019
63.97
84.00
72.00
52.00
77.78
0.00
85.00
60.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
80.00
100.00
0.00
100.00
100.00
50.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
50.00
ROU
Romania
2018
TUN
Tunisia
2019
79.12
100.00
80.00
52.00
61.11
96.00
57.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
50.00
100.00
0.00
50.00
100.00
50.00
100.00
100.00
80.00
100.00
100.00
0.00
100.00
0.00
0.00
75.00
UGA
Uganda
2018
THA
Thailand
2018
74.63
90.00
80.00
0.00
88.89
100.00
73.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
30.00
0.00
LSO
Lesotho
2018
77.66
100.00
40.00
52.00
88.89
78.50
87.50
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
80.00
100.00
100.00
50.00
50.00
100.00
100.00
100.00
50.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
75.00
COL
Colombia
2019
90.58
100.00
100.00
92.00
55.56
96.00
90.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
30.00
75.00
BFA
2019
90.33
100.00
80.00
92.00
72.22
100.00
87.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
80.00
100.00
50.00
50.00
50.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
100.00
BDI
Burundi
2018
90.58
100.00
100.00
92.00
55.56
96.00
90.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
30.00
75.00
KGZ
Kyrgyzstan
2019
85.00
100.00
100.00
92.00
66.67
65.00
64.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
50.00
100.00
50.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
75.00
COD
2019
84.66
100.00
80.00
52.00
88.89
78.50
97.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
50.00
50.00
100.00
100.00
100.00
50.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
75.00
CIV
2018
64.75
60.00
100.00
0.00
100.00
65.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
KEN
Kenya
2018
65.90
84.00
80.00
0.00
66.67
96.00
43.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
0.00
SLE
2018
75.80
100.00
100.00
32.00
33.33
100.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
80.00
0.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
SGP
Singapore
2018
69.17
60.00
100.00
0.00
94.44
100.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
GAB
Gabon
2018
69.30
70.00
80.00
0.00
100.00
100.00
63.00
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
30.00
0.00
GEO
Georgia
2018
65.23
84.00
80.00
0.00
55.56
96.00
53.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
100.00
ETH
Ethiopia
2018
74.96
90.00
80.00
52.00
55.56
82.50
74.50
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
50.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
75.00
ROU
Romania
2019
79.17
90.00
80.00
52.00
77.78
100.00
57.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
50.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
70.00
100.00
IDN
Indonesia
2019
79.12
100.00
80.00
52.00
61.11
96.00
57.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
50.00
100.00
0.00
50.00
100.00
50.00
100.00
100.00
80.00
100.00
100.00
0.00
100.00
0.00
0.00
75.00
IRQ
Iraq
2018
68.70
90.00
80.00
0.00
100.00
86.00
18.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
0.00
0.00
100.00
30.00
50.00
NER
Niger
2018
77.00
90.00
100.00
92.00
33.33
65.00
64.50
100.00
100.00
100.00
0.00
100.00
100.00
100.00
100.00
80.00
100.00
0.00
100.00
0.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
75.00
IDN
Indonesia
2018
79.17
90.00
80.00
52.00
77.78
100.00
57.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
50.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
70.00
100.00
COG
Congo
2018
73.37
88.00
40.00
60.00
77.78
100.00
53.00
100.00
60.00
100.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
30.00
100.00
NPL
Nepal
2019
76.99
100.00
80.00
52.00
77.78
78.50
37.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
0.00
100.00
100.00
50.00
50.00
100.00
80.00
100.00
0.00
50.00
0.00
100.00
100.00
75.00
MAR
Morocco
2018
78.99
100.00
80.00
52.00
77.78
78.50
57.50
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
0.00
100.00
100.00
50.00
50.00
100.00
80.00
100.00
0.00
50.00
100.00
100.00
100.00
75.00
ARG
Argentina
2019
76.73
48.00
100.00
60.00
88.89
100.00
100.00
0.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
MOZ
Mozambique
2019
75.80
100.00
100.00
32.00
33.33
100.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
80.00
0.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
NPL
Nepal
2019
75.70
90.00
80.00
0.00
100.00
100.00
67.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
0.00
NIC
Nicaragua
2018
69.08
100.00
40.00
0.00
100.00
82.50
57.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
0.00
CIV
2019
74.96
90.00
80.00
52.00
55.56
82.50
74.50
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
80.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
50.00
100.00
100.00
100.00
100.00
50.00
100.00
0.00
70.00
75.00
PAK
Pakistan
2018
64.78
70.00
80.00
0.00
55.56
100.00
84.50
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
75.00
BOL
Bolivia
2019
74.63
90.00
80.00
0.00
88.89
100.00
73.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
30.00
0.00
PER
Peru
2018
90.33
100.00
80.00
92.00
72.22
100.00
87.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
80.00
100.00
50.00
50.00
50.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
70.00
100.00
BWA
Botswana
2018
63.97
84.00
72.00
52.00
77.78
0.00
85.00
60.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
80.00
100.00
0.00
100.00
100.00
50.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
50.00
GMB
Gambia
2019
73.37
88.00
40.00
60.00
77.78
100.00
53.00
100.00
60.00
100.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
30.00
100.00
SEN
Senegal
2019
69.92
60.00
100.00
0.00
94.44
100.00
77.50
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
75.00
SLE
2019
69.08
100.00
40.00
0.00
100.00
82.50
57.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
0.00
100.00
0.00
70.00
0.00
SGP
Singapore
2019
68.70
90.00
80.00
0.00
100.00
86.00
18.00
100.00
100.00
100.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
0.00
0.00
100.00
30.00
50.00
SLB
2019
65.90
84.00
80.00
0.00
66.67
96.00
43.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
50.00
100.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
0.00
TJK
Tajikistan
2019
65.78
70.00
80.00
0.00
55.56
100.00
94.50
100.00
100.00
0.00
0.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
70.00
75.00
TZA
Tanzania
2019
64.75
60.00
100.00
0.00
100.00
65.00
70.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
0.00
TLS
Timor-Leste
2019
63.97
84.00
72.00
52.00
77.78
0.00
85.00
60.00
100.00
100.00
100.00
100.00
80.00
0.00
0.00
80.00
100.00
0.00
100.00
100.00
50.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
0.00
50.00
TGO
Togo
2019
63.57
84.00
80.00
0.00
44.44
96.00
53.00
60.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
0.00
50.00
0.00
100.00
100.00
80.00
100.00
100.00
0.00
0.00
100.00
30.00
100.00
TUN
Tunisia
2018
MOZ
Mozambique
Transaction Limits
Deposit Insurance20%KYC Proportionality20%
Entry-level transaction limits11.1%Affordability30%
Entry-level balance limits11.1%Interoperability20%
Maximum balance limits22.2%Financial Inclusion Strategy10%
KYC (15%)
Infrastructure and
Limits (15%)
Looking ahead, we see three main areas for future growth of mobile money in Asia
2
1
Taking financial inclusion beyond access and usage
Increasing consumer awareness of mobile money amongst women
Mobile money-enabled adjacent services are still nascent across the region
48 95 48 of 95 markets are interoperable
1
47 Over
money
The awareness gender gap is widest in Asia2
Awareness of Mobile Money Among Men and Women
80%
AFRICA LATAM ASIA
Across regions, the transaction mix varies with opportunity to further digitise ecosystem transactions
East Asia and Pacific Breakdown Global Breakdown
NUMBER OF TRANSACTIONS
10.6%
71.1%
2.6%
International remittances present a sizeable untapped opportunity in the region
of mobile money services in Asia offer international remittance products
Only 16% offer outbound
…via mobile money
…via formal channels
*Source: World Bank
3
Mobile money is central to the mobile industry’s contribution to many of the Sustainable Development Goals
Download the report
Slide Number 2
Slide Number 3
Slide Number 4
Mobile money adoption in Asia made a significant contribution to global growth…
Slide Number 6
Slide Number 7
Account activity in the region continues to grow
Agents remain the main gateway for digitising cash
Asia has doubled its share of the value of all global mobile money transactions over the past 6 years
Asia’s mobile money transactions have become increasingly digital...
…primarily due to mobile money becoming increasingly integral to the financial ecosystem
…and through partnerships with banks and seamless integrations with third parties
Slide Number 14
Asia’s rapid mobile internet and smartphone adoption has helped boost merchant payments and e-commerce
Regulatory frameworks became more enabling in 8 markets
Looking ahead, we see three main areas for future growth of mobile money in Asia
Mobile money-enabled adjacent services are still nascent across the region
The awareness gender gap is widest in Asia
Across regions, the transaction mix varies with opportunity to further digitise ecosystem transactions
International remittances present a sizeable untapped opportunity in the region
Mobile money is central to the mobile industry’s contribution to many of the Sustainable Development Goals
Download the report