IMARC Group, a leading market research company, has unveiled its latest report, “Uganda Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028.” In 2022, the size of Uganda’s mobile money market reached $77.6 billion. IMARC Group predicts a significant surge, with the market projected to reach $467.7 billion by 2028, reflecting a robust compound annual growth rate (CAGR) of 33.1% during the period from 2023 to 2028.
Mobile money is a digital, pay-as-you-go financial service that facilitates the exchange and storage of funds through user accounts. This service is provided in collaboration with mobile network operators and traditional banking networks and doesn’t necessitate individual bank accounts. Users can access a wide range of services, including check deposits and balance inquiries, all while enjoying a secure user interface for quick transactions. Mobile money supports the tracking of transaction history and promotes location-based payments, making it a preferred choice in both rural and urban areas of Uganda.
Key Trends in the Uganda Mobile Money Market:
- Underdeveloped Financial Infrastructure: Uganda’s limited access to formal bank accounts and the growing need for user-friendly mobile applications for peer-to-peer (P2P) transactions are primary drivers of market growth.
- Preference for Online Transactions: Consumers are increasingly favoring online money transfer services over traditional cash pickups and bank deposits due to their speed, security, and cross-border capabilities.
- Regulatory Initiatives: Uganda’s regulatory bodies are actively promoting mobile money to achieve a cashless economy, enhance tax collection, and ensure transparent transactions, further propelling market growth.
- Internet and Smartphone Penetration: The increasing availability of internet services and the widespread adoption of smartphones, along with growing consumer awareness of innovative technologies, are boosting the mobile money market in the region.
Competitive Analysis and Market Segmentation:
The report provides a comprehensive analysis of the competitive landscape in the Uganda mobile money market, including detailed profiles of key players such as MTN Group Limited (MTN Uganda) and Bharti Airtel Limited.
The market is segmented based on technology, business model, and transaction type:
Breakup by Technology:
- USSD
- Mobile Wallets
- Others
Breakup by Business Model:
- Mobile-Led Model
- Bank-Led Model
Breakup by Transaction Type:
- Peer to Peer
- Bill Payments
- Airtime Top-ups
- Others
For further customization and access to the full report, including the table of contents and a list of figures, please contact an analyst.
About IMARC Group:
IMARC Group is a prominent market research company that provides global management strategy and market research services. The company collaborates with clients from various industries and regions to identify valuable opportunities, address critical challenges, and transform businesses. IMARC Group specializes in providing comprehensive market intelligence, including research reports, production cost reports, feasibility studies, and consulting services. The team comprises experienced researchers and analysts who cater to diverse sectors, from small businesses to Fortune 1000 corporations, offering high-quality data and insights.
For more information, please visit IMARC Group’s website: IMARC Group.
