The revenue to be made by mobile money operators in Africa, as a percentage of total operator revenue, will continue to rise to more than five percent in 2015 and account for $3 billion, according to a new report. Mobile Money in Africa: A Big Revenue Opportunity for Network Operators by Pyramid Research outlines the current demand for mMoney services and the potential benefits that it could bring for African operators and vendors with an eye on replicating M-Pesa’s success.

The study also identifies the challenges that will influence the success of mobile money services with recommendations on how they can be overcome. “Money is arguably one of the most profitable uses of the mobile phone that has been seen in Africa,” says Ronda Zelezny-Green, associate research analyst at Pyramid. “Although Safaricom’s M-Pesa in Kenya has long been the lone success story in the mMoney universe, Pyramid can now see success being replicated in Uganda and Tanzania with similar mobile money offerings,” she explains. “MTN Uganda’s MobileMoney service accounts for 3 percent of all airtime sold on its network, and Vodacom’s M-Pesa service in Tanzania currently has 6 million subscribers with exponential growth of 600 percent experienced in the past year alone.”