Design matters: how interoperability models impact financial inclusion and competition

This report evaluates the impact of mobile money interoperability on adoption, usage and competition. With interoperability now present in more than 90 markets, the study moves beyond binary classifications to assess how different policy models – market-led, regulator-led and voluntary – affect outcomes. Using robust econometric techniques and multi-country panel data, the report finds that interoperability significantly boosts adoption, especially when introduced after markets reach maturity. Market-led models consistently outperform other models, delivering gains in adoption and reducing market concentration without harming usage. A headline finding is that if countries had implemented market-led interoperability when the market was sufficiently mature, there could have been an additional 30–70 million active 90-day accounts of mobile money in 2023. Timing and policy design are also critical: early or rigid mandates can reduce transaction values and discourage adoption. The report provides actionable insights for policymakers and industry leaders seeking to expand financial inclusion through sustainable interoperability strategies.