Mobile money reaches P26bn

Data made available by the Botswana Communications Regulatory Authority (BOCRA) shows that mobile money subscriptions reached 1.69 million as at March 2023, from 1.66 million in March 2022 and 1.15 million in March 2019.

Orange, whose Orange Money product has traditionally enjoyed the lion’s share of the market, slipped in dominance in the year to March 2023, with a 49% market share, from 59% in the year to March 2022. Mascom, which has the MyZaka product, grew its market share over the same period to 38% from 36%, while BTC’s Smega moved from a nine percent market share to 11%. Botswana Post’s mobile money product remained at two percent market share over the same period.

BOCRA officials attributed growth in mobile money subscriptions to the wide acceptance of the service and its convenience related to bill payments, service subscriptions, and money transfers, amongst others. Owing to the convergence between technology and financial services, mobile money is interoperable with traditional bank accounts which has brought about much-needed convenience for users.

Cross-border transactions are also possible, making mobile money even more attractive and widely accepted, BOCRA officials said.