MFS market will exceed $1 trillion by 2024
MFS (Mobile Financial Services) market will experience significant momentum in the coming years. This has been revealed by a new study from Juniper Research, which estimates that the MFS market will exceed $1 trillion by 2024; rising from $580 billion in 2019. This is a growth of 70%.
The research found that CICO (Cash In, Cash Out) transactions will be the largest driver of growth for the MFS market; exceeding a value of $590 billion by 2024. CICO allows users to access traditional banking services, such as deposits and withdrawals, via mobile devices.
The report urged MFS providers to expand their agent networks to rapidly grow customer bases. It also forecasts that fostering confidence amongst users for CICO transactions will lead to uptake of more comprehensive MFS products, such as microloans and microinsurance, in the future.
It also forecasts that the number of MFS users in all emerging markets will reach 1.2 billion by 2024; growing from 890 million in 2019. Africa & Middle East will account for over 600 million users alone by 2024; owing to the high reliance on mobile devices for banking services.