The report also mentioned that, dynamic accounts also increased by 47% :from 161 million in 2020 to 237million in 2023. In 2023 Africa led the World in mobile money transactions, with 62billion transactions amounting to $919billion .This accounted for 65.6% of the $ 1.4 trillion that passed through mobile money accounts globally.In detail , 2020 registered 562 million accounts with 161 million active accounts , 2021 registered 621 million accounts with 184 million active accounts, 2022 registered 781 million accounts with 219 million active accounts, 2023 registered 856 million accounts with 237 active accounts .The surge in mobile money adoption in Africa, can be attributed to several factors.According to GSMA , the outbreak of Covid -19 pandemic accelerated the move towards digital services, providing a safe and convenient alternative for financial transactions.Regardless of this expansion, the mobile money sector faces numerous challenges.Some African countries have imposed taxes on mobile money transactions to boost local income.In States like Ghana and Tanzania, where transaction taxes were in place between 2021 and 2023 , many mobile money users returned to cash . This shift reduced taxable transaction and ultimately reduced overall tax revenues . According to the Digital Finance Plateform to Empower All ,countries that efficiently adopt mobile money, see an average annual Gross Domestic Products per capita growth of 1% . Moreover, according to the State of the Industry Report on Mobile Money 2024, indicates that a 10% increase in mobile money adoption could increase Gross Domestic Products by 0.4% to 1%.                                        

Christelle Koambi