A report released by the GSM Association has revealed that the number of mobile banking users across the globe has reached 1.2 billion, raising the value of digital financial transactions to over $2 billion per year despite the pandemic.
The report details that over 300 million mobile banking accounts are being opened every month, and that the number of mobile banking agents has surged beyond 5.2 million at the same time.
The report details that 310 institutions are reportedly facilitating mobile banking and its related services in 96 countries. In this regard, the numbers in Pakistan and Tanzania have spiked significantly, and there is an active sense of competition between the old and new service providers who are trying to boost their operations in these trying times.
This rising trend will continue to grow as the number of people saving cash through mobile banking in Pakistan has increased by three percent. Cross-border remittances have also exceeded Rs. 1 billion per month, and the overall monthly remittances have surged by 65 percent.
Many countries have made special commitments to financial inclusion by launching and developing detailed national strategies, which could be why the number of mobile banking users has increased at such an unprecedented rate.