KAMPALA – 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 UGX.485 Trillion by 2024, expanding at a CAGR of around 31% during 2019-2024
Mobile money is a payment service that aids in receiving, sending and storing money using the internet. It operates under financial regulations and offers simple person-to-person money transfer rather than complex banking transactions with the help of a mobile device.
As it is fast, secure, easy-to-use and cost-effective, it is preferred over cash and cheque for monetary transactions. Moreover, it eliminates intermediaries and aids in the protection of consumers’ funds. Consequently, mobile money is gaining traction across Uganda.
Rising penetration of the internet, technological advancements in mobile services and a lack of access to financial institutions are some of the key factors propelling the mobile money market growth in Uganda. Apart from this, it provides ease in the transferring of funds, and payment of salaries, utility bills and school fees, which is escalating its demand in the country. Besides this, as it helps in the overall economic and social development of the country, it is expected to strengthen the market growth in the coming years.
Market breakup by technology
Currently, USSD holds the majority of the market share in the Uganda mobile money market.
Market Breakup by Business Model
Mobile Led Model
Bank Led Model
Currently, the mobile-led model holds the largest share in the Uganda mobile money market.
Market Breakup by Transaction Type
Peer to Peer
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:
Key highlights of the report:
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Profiles of Key Players