Mobile money was ‘crucial’ for low-income countries during the pandemic – IMF

Data shows mobile and internet banking transactions grew for all income levels


Digital payment methods ensured vulnerable people still had access to financial services during the pandemic, according to a report from the International Monetary Fund.

The fund’s latest Financial Access Survey showed mobile money usage increased significantly in low- and middle-income countries in 2020.

On average, mobile money transactions as a share of GDP increased two percentage points for low- and lower-middle income countries, the report says.

Unlike middle- and high-income countries

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