According to the latest report by IMARC Group, titled “Uganda Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Uganda Mobile Money market size reached a value of US$ 25 Billion in 2018. Mobile money is an electronic wallet service that enables the user to store, receive and save money with the use of their mobile phones. The digitized format of these electronic wallets or mobile wallets allows consumers to make secure payments. Mobile wallets can be broadly categorized into closed, semi-closed and open wallets. Amongst these, closed wallets help in making a direct purchase from a specific merchant, whereas semi-closed are useful for multiple merchants if they have a contract with the payment portal. On the other hand, open wallets are typically used for any transaction and help consumers to withdraw the money sent to their account. In Uganda, with the proliferation of mobile phones, mobile network operators (MNOs) have been expanding from voice calling and SMS into the mobile money industry.
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Uganda Mobile Money Market Trends:
At present, consumers in the country are using electronic wallet services for numerous purposes, such as paying school fees, market purchases, and hospital, utility and restaurant bills. In recent years, the citizens of Uganda have been gaining interest in the potential benefits of new financial innovations introduced in the country to support the reduction of poverty and promote economic growth. This interest is primarily directed toward mobile money as it have positively affected the consumer price index, average economic activity, monetary aggregates, and private-sector credit. It has also been noted that the transactional motives of mobile money has stronger macroeconomic effects as compared to savings motives. These micro- and macro-economic benefits have encouraged the Government of Uganda to promote mobile money across the country. Looking forward, the market value is projected to reach US$ 132 Billion by 2024, expanding at a CAGR of around 31% during 2019-2024.
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The market has been segmented on the basis of the technology, which mainly consists of unstructured supplementary service data (USSD), mobile wallets and others. Amongst these, USSD is the most popular technology.
The report has bifurcated the market according to the business model, which includes the mobile- and bank-led models. Currently, the mobile-led model is most preferred across the country.
Based on the transaction type, the market has been segregated into peer to peer, bill payments, airtime top-ups, and others. Amongst these, mobile money is primarily used for making peer-to-peer transactions.
The competitive landscape of the market has also been examined, with some of the key players being MTN Group Limited (MTN Uganda) and Bharti Airtel Limited.
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