IMARC Group, a renowned market research company, recently released a report titled “Uganda Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028.” The report indicates that Uganda’s mobile money market experienced substantial growth, reaching a size of $77.6 billion in 2022. IMARC Group predicts that this market will continue to expand and is expected to reach $467.7 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 33.1% during 2023-2028.
Mobile money is a financial service that enables users to carry out monetary transactions through mobile devices. This service is particularly significant in areas where traditional banking infrastructure is limited. Users can deposit money into a mobile money account, often linked to their mobile phone number, and utilize it for various financial activities, including making payments, transferring funds, and accessing services like loans and insurance. Transactions are usually facilitated through a mobile app or SMS, making it accessible even on basic mobile phones. Mobile money offers advantages such as speed, convenience, and increased financial inclusion, serving as a crucial tool for the unbanked population, helping them enter the formal financial system.
Several factors contribute to the growth of Uganda’s mobile money market:
- Lack of Access to Traditional Banking Services: A significant portion of Uganda’s population lacks access to conventional banking services. This drives the adoption of mobile money as an accessible alternative, promoting financial inclusion.
- Government Support: The Ugandan government recognizes the potential of digital financial services for economic development and is taking steps to regulate and safeguard users while encouraging competition in the market.
- Affordable Mobile Phones: The decreasing cost of mobile phones enables more people, even in rural areas, to access mobile money services.
- High Mobile Phone Penetration: Uganda boasts a high rate of mobile phone penetration, creating a substantial potential user base for mobile money services.
- Remittances: The country receives a significant amount of remittances from abroad, and mobile money platforms provide a convenient and cost-effective channel for these transactions.
- Informal Economic Sector: The prevalence of the informal economic sector makes mobile money an attractive option for transactions, offering a semi-formalized means of managing finances without the need for a bank account.
Competitive Analysis and Segmentation:
The report provides a detailed analysis of the competitive landscape in Uganda’s mobile money market, including profiles of key players such as MTN Group Limited (MTN Uganda) and Bharti Airtel Limited. Additionally, the market is segmented based on technology, business model, and transaction type.
For further details and a comprehensive understanding of the market, you can explore the full report with the table of contents and figures available here.
About IMARC Group:
IMARC Group is a leading global market research company that offers management strategies and market research services across various sectors and regions. They provide market intelligence, forecasts, and industry analysis for businesses in fields like pharmaceuticals, industrial, and high technology, among others. IMARC Group’s offerings include research reports, production cost reports, feasibility studies, and consulting services, supported by a team of experienced researchers and analysts.
For more information, please visit IMARC Group’s website.
