An annual report on the state of mobile financial services published by GSMA has revealed the latest trends within the mobile money, mobile insurance, mobile credit and savings sectors.
The report showed that the number of active users of mobile money increased to 61 million in June 2013, compared to 37 million 12 months earlier.
Furthermore, the number of registered mobile money accounts nearly tripled from 71 million in June 2011 to 203 million in June 2013.
The report also indicated that the technology has expanded across a range of new territories in recent years, with 219 services available in 84 countries at the end of 2013, compared to 179 services in 75 countries at the end of 2012.
Tom Phillips, chief regulatory officer at GSMA, said that the report underscores the impact mobile money is having on emerging markets.
"Each year our review reveals greater insights on the wide range of uses of mobile money and on how operators are working collaboratively in developing mobile money services to meet growing customer demand," he added.
By Asim Shah