MoMo adoption surges in Benin

24 June 2024

Mobile money adoption has surged 327% in the past five years in Benin according to Benin’s Regulatory Authority for Electronic Communications and Postal Services (ARCEP).

Mobile financial services accounts grew from 2.6 million at the end of 2018 to 11.1 million in 2023. A total of 2.07 billion transactions were made in 2023, an increase of 920% from 202.6 million recorded in 2018. Overall value of transactions amounted to over CFA10.6 billion from CFA2 billion over the five-year period.

The total number of mobile subscriptions grew from 9.4 million to 16.4 million over the same period, while the number of unique subscribers was 8.5 million, showing a penetration rate of 67.3%.