According to the latest report by IMARC Group titled, “Uganda Mobile Money Market: Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Uganda Mobile Money market size reached a value of US$ 25 Billion in 2018. Looking forward, the market value is projected to reach US$ 132 Billion by 2024, expanding at a CAGR of around 31% during 2019-2024
Mobile money is a payment service that is performed via a mobile device. It replaces the need for cash, cheque and credit cards for monetary transactions, such as the payment of salaries, utility bills and school fees. It also aids in the protection of consumer’s funds and offers enhanced convenience to the users. As a significant percentage of the population in the region does not have access to banks, mobile money has gained widespread preference as a payment system in Uganda.
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Increasing penetration of the internet, in confluence with improving access to mobile phones, has led to the rising demand for mobile money services in Uganda. Moreover, it aids in accelerating the transactions, which provides users convenience in making payments and money transfers. The proliferation of mobile money services has also been supported by its economic benefits, including increased transparency, new employment opportunities for individuals as agents and service representatives, growth in tax revenue due to the ease of making payments, and improved provision of social benefits.
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Market Breakup by Technology
- Mobile Wallets
Currently, USSD holds majority of the market share in the Uganda mobile money market.
Market Breakup by Business Model
- Mobile Led Model
- Bank Led Model
Currently, mobile led model holds the largest share in the Uganda mobile money market.
Market Breakup by Transaction Type
- Peer to Peer
- Bill Payments
- Airtime Top-ups
Currently, peer to peer transaction type holds the highest share in the market.
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
- MTN Uganda
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Competitive Structure
- Profiles of Key Players
Browse Related Report
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This post was originally published on Stock Markets News