The global mobile money industry reached major milestones in 2024, exceeding two billion registered accounts and over 500 million active monthly users for the first time. This rapid growth, highlighted in the State of the Industry Report on Mobile Money 2025 by the GSMA, underscores the technology’s pivotal role in expanding financial inclusion across underserved regions.
It took nearly two decades for the industry to reach one billion accounts and 250 million active users, but that number has doubled in just five years—reflecting a surge in mobile-based financial services globally.
According to the GSMA report, mobile money users conducted approximately 108 billion transactions in 2024, totaling more than $1.68 trillion in value. Year-on-year, transaction volumes grew by 20%, while transaction values rose by 16%, signaling robust demand and usage across markets.
“Mobile money has emerged as a powerful driver of financial inclusion and economic growth,” said Vivek Badrinath, Director General of the GSMA. “Its continued success depends on supportive regulatory environments that promote innovation and accessibility, helping unlock its full socio-economic potential.”
The economic impact of mobile money is profound. By the end of 2023, mobile money had boosted the GDP of participating countries by over $720 billion, equivalent to a 1.7% increase. In Sub-Saharan Africa alone, the sector added approximately $190 billion to GDP, solidifying its role in driving financial and social development.
Sub-Saharan Africa remains the global leader in mobile money activity, particularly in East and West Africa. However, East Asia-Pacific is quickly gaining ground, recording the second-highest growth in monthly active accounts, supported by favorable regulations in countries like Cambodia, Fiji, Vietnam, and the Philippines.
As mobile money ecosystems mature, providers are expanding beyond basic transfers to offer credit, savings, and insurance. By mid-2024, 44% of providers offered credit services, while a third offered savings products. Insurance, though still less common, is gaining traction.
Despite progress, challenges persist—especially for women. Among 12 surveyed countries, eight showed persistent gender gaps in mobile money ownership. Barriers such as low awareness and digital literacy continue to hinder adoption. To combat this, nearly 60% of providers have launched digital financial literacy programs aimed at closing the gap and empowering more users.
Mobile money continues to evolve, proving its value as a transformative force for inclusive financial access worldwide.
//Staff writer
