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Sub-Saharan Africa leads growth as mobile money transactions hit $1.7 trillion.
Global mobile money usage continued to soar in 2024, crossing historic milestones with 2.1 billion registered accounts and over 514 million monthly active users, according to the GSMA’s State of the Industry Report on Mobile Money 2025.
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The report revealed that the mobile money industry doubled its user base in just five years, after taking 18 years to hit the first 1 billion accounts milestone since launching in 2001.
“2024 marked a significant turning point, with over 108 billion transactions processed, valued at almost $1.7 trillion — representing a 20% increase in volume and a **16% rise in value year-on-year,” GSMA stated.
Africa Remains Mobile Money Powerhouse
The report reaffirmed sub-Saharan Africa’s leadership in the mobile money revolution. East and West Africa were singled out for driving robust growth in both new account registrations and monthly usage rates.
GSMA emphasized the critical role mobile money continues to play in enhancing financial inclusion, stating that its adoption is having a measurable positive impact on GDP in countries where the service is widely available.
“Mobile money has emerged as a powerful driver of financial inclusion and economic growth,” said Vivek Badrinath, Director General of GSMA.
“Its continued success will depend on enabling policy frameworks, innovation, and collaborative efforts to empower underserved communities.”
Gender Gap and Literacy Still Pose Challenges
Despite the progress, the GSMA flagged persistent barriers to universal adoption, particularly gender inequality in mobile money ownership.
Among the 12 countries assessed, eight still exhibited a gender gap, with minimal improvement since 2023. The report linked this disparity to limited awareness of mobile money services and low levels of digital financial literacy, particularly among women.
“To make mobile money truly inclusive, governments and service providers must collaborate on financial literacy initiatives and gender-sensitive policies that address the digital divide,” GSMA urged.
Mobile Money Services Expand Beyond Payments
The GSMA also observed a shift in the mobile money landscape, with more providers evolving into comprehensive financial platforms offering services beyond basic payments.
As of June 2024, 44% of mobile money providers globally had added credit products, making it the most common extension. Other offerings include savings accounts, insurance, and micro-investment tools.
“This evolution demonstrates the versatility of mobile money to serve not just as a payment tool but also as a pathway to economic empowerment and financial resilience,” the report noted.
Asia-Pacific Also Shows Strong Momentum
Outside Africa, East Asia and the Pacific region emerged as the second-fastest growing market for mobile money, with significant increases in both monthly active accounts and transaction volumes.
The Road Ahead
The GSMA concluded that while mobile money continues to show strong growth trends globally, the next frontier lies in ensuring affordability, accessibility, and safety, especially for underserved populations.
“The mobile money ecosystem must remain people-focused,” said Badrinath.
“With the right regulatory support and investment in digital education, we can unlock mobile money’s full potential for economic transformation.”
Key Stats from GSMA Mobile Money Report 2025
- 2.1 billion registered mobile money accounts (up 14% YoY)
- 514 million monthly active users (up 11% YoY)
- 108 billion transactions in 2024, worth $1.7 trillion
- 44% of providers now offer credit products
- Sub-Saharan Africa remains the most active mobile money region
- Gender gap persists in 8 of 12 surveyed countries
