Latest insights from GSMA’s State of the Industry Report on Mobile Money 2025  tell us we’ve just crossed a major global milestone: 2.1 billion registered mobile money accounts worldwide. That’s an all-time high. But when you look closer, the narrative gets even more interesting — and even more African.

Of those 2.1 billion accounts, more than half — 1.1 billion to be exact — belong to users across Sub-Saharan Africa. It’s a powerful reminder that while mobile money is making waves worldwide, it is in Africa that the real momentum is building.

In fact, Africa is now responsible for around 74% of all mobile money transactions globally. Last year alone, over 81 billion transactions were processed on the continent, handling an incredible $1.1 trillion in value. That’s a 22% leap in transaction volume and a 15% rise in value from the year before.

Clearly, Africa isn’t just participating in the mobile money movement — it’s leading it. But why is that? What’s fueling this rapid growth? Why has mobile money found such fertile ground in Africa compared to other regions? In this TechTalk Thursday article, we’ll explore the forces propelling Africa’s rapid adoption of mobile money, the benefits unlocking new economic pathways, the persistent gender gap, the challenges the industry still faces, and why mobile money matters for Africa’s future.

The Numbers Paint a Better Picture: Mobile Money by the Stats

The mobile money landscape is experiencing remarkable growth, and the numbers paint a compelling picture of Africa’s dominance in this space. Again, as of 2024, over 2 billion registered mobile money accounts exist globally, marking a 14% increase year on year. Active accounts saw an 11% rise, reaching 514 million monthly users—a significant milestone in the drive toward digital financial inclusion. The total transaction volume processed through mobile money accounts in 2024 has soared to nearly $1.7 trillion, equating to approximately 3.2 million transactions per minute.

Source: GSMA Report on Mobile Money 2025

Sub-Saharan Africa (SSA) stands at the heart of this adoption. This surge has had a profound impact on SSA’s economies, with mobile money contributing roughly $190 billion to the region’s GDP in 2023—a notable 5% increase in GDP for several African nations such as Benin, Côte d’Ivoire, Ghana, and Kenya. Overall, mobile money services have boosted the combined GDP of countries using such platforms by $720 billion, representing a 1.7% growth.

Key players like Kenya, Ghana, and Nigeria are spearheading this transformation. Kenya, often recognized as a pioneer in mobile money, continues to lead with a high rate of adoption, where users regularly rely on mobile platforms for saving and conducting transactions. In West Africa, Ghana has seen rapid mobile money uptake, positioning itself as a leading market in the region. Nigeria, with its impressive growth in registered accounts and active users, is cementing its role as a key player in the African mobile money ecosystem.

Moreover, mobile money’s influence extends far beyond traditional transactions. New use cases are emerging, including merchant payments, bill payments, cross-border remittances, and bulk disbursements, which have collectively reached over $300 billion globally in 2024. These statistics highlight the growing role of mobile money in shaping not only African economies but also the global financial landscape.

Why Africa? The Drivers Behind Rapid Adoption

Africa’s rapid adoption of mobile money is a direct result of several key factors, uniquely shaped by the continent’s socio-economic landscape. One of the primary drivers is the lack of widespread banking infrastructure, which has paved the way for mobile money to thrive. Mobile money has stepped in as a vital solution, bypassing the need for brick-and-mortar infrastructure and offering a more inclusive financial service.

Also, since Africa is a mobile-first continent, it has been a primary catalyst for the rapid adoption of mobile money services across the region has created fertile ground for the mobile money ecosystem to thrive, especially in regions where traditional banking services are few and far between.

Ecosystem development has also played a crucial role in mobile money’s success. A growing network of agents, partnerships, and fintech service providers has enriched the mobile money ecosystem, making it more versatile and user-friendly. The introduction of services such as digital wallets, micro-lending, and mobile insurance has further increased mobile money’s appeal, providing users with comprehensive financial solutions at their fingertips.

A strong agent network has been crucial to mobile money’s success. In 2024, the number of registered mobile money agents reached 28 million, representing a 20% increase compared to 2023. Among these, 10 million agents were active on a monthly basis, marking a 17% rise from the previous year. The majority of this growth occurred in Sub-Saharan Africa, which accounted for 77% of the increase. These agents serve as essential intermediaries, allowing users to easily deposit and withdraw cash.

Trust in mobile platforms over traditional banks is another important factor driving adoption. In many African countries, mobile money platforms like Safaricom’s M-Pesa in Kenya and MTN MoMO have gained significant trust, often surpassing traditional banking institutions. Mobile money offers a level of convenience, security, and speed that traditional banks sometimes cannot match. For instance, Kenya, where more than 70% of adults use mobile money, has seen a strong preference for mobile wallets, with many individuals trusting mobile platforms for savings, transfers, and even loans.

The regulatory environment has played a vital role in creating a favorable ecosystem for mobile money to thrive. Many African governments and regulatory bodies have recognized the transformative potential of mobile money and introduced regulations to foster innovation and competition. The Central Bank of Kenya, for example, implemented progressive policies that encouraged mobile banking services, contributing to the country’s status as a global leader in mobile money. Other countries like Tanzania, Uganda, and Ghana have followed suit, adopting regulations that promote mobile money growth while ensuring consumer protection.

Cost-effectiveness is also a significant driver behind mobile money’s popularity. Services like mobile payments, transfers, and bill payments are generally more affordable than traditional banking services, especially when factoring in the high transaction costs associated with physical banking. For example, the average cost of sending money through mobile platforms in Sub-Saharan Africa is lower than that of formal remittance channels, making mobile money a preferred choice for low-income individuals, which are particularly more prevalent in Africa.

The Benefits and Challenges of Mobile Money in Africa

Mobile money has transformed lives and economies across Africa, providing a financial lifeline to millions who were previously excluded from the formal banking system. It has facilitated financial inclusion for the unbanked, offering access to essential services like savings, loans, insurance, and cross-border payments. This has been particularly empowering for small businesses, especially in rural areas, enabling them to thrive by providing more efficient ways to conduct transactions, receive payments, and access capital. Additionally, mobile money platforms have proven invaluable during crises, such as pandemics and emergencies, offering a fast and secure way for people to send and receive funds when physical access to banks or money transfer services is limited.

However, the journey to widespread mobile money adoption is not without challenges, the most significant being interoperability between different mobile money providers and platforms. While mobile money usage continues to grow, users often face difficulties when transferring funds across different platforms, which limits the full potential of the system.

“Enhanced interoperability not only fosters the flow of digital assets within payment ecosystems but also aligns with governmental goals for cashless economies, offering numerous advantages to users, ranging from greater convenience to positive socioeconomic outcomes.”

– Ashley Olson Onyango, Head of Financial Inclusion and AgriTech, GSMA’s Mobile for Development

In addition to this, tax policies and regulatory barriers in certain regions slow down the expansion of mobile money offerings. Fraud and cybersecurity risks also pose ongoing threats, impacting trust in these platforms.

“To ensure mobile money remains accessible, affordable, and safe, it is vital for governments and regulators to work with financial service providers to support financial literacy programs, empowering underserved populations and opening new opportunities for financial decision-making.”

– Vivek Badrinath, Director General, GSMA

 

The Gender Gap: Ensuring Inclusive Mobile Money Access for All

The gender gap in mobile money remains a persistent challenge, with women less likely to own mobile money accounts compared to men. Barriers such as lack of mobile phone ownership, limited digital literacy, and socio-cultural norms contribute to this disparity. According to the report, many women, especially in regions like Egypt, continue to prefer cash transactions, relying on family or friends for money transfers, after all, Cash has been king for a long time.

Despite the growing mobile ownership, these barriers hinder women’s full participation in the digital economy. However, various initiatives are working to close this gap, focusing on improving financial literacy, providing affordable mobile money services, and promoting women’s empowerment through tailored solutions to encourage their use of mobile platforms. Ensuring gender inclusion is critical to unlocking the full potential of mobile money across Africa.

Why Mobile Money Matters for Africa’s Future

Mobile money plays a crucial role in advancing financial inclusion, reducing poverty, and fostering digital economies across Africa. It provides a gateway to a wide array of digital services such as merchant payments, remittances, and government services, facilitating broader access to essential tools that were once out of reach for many.

Ashley Olson Onyango aptly sums up its significance:

“We’re already seeing the benefits of mobile money’s socioeconomic impact. Beyond this, mobile money now contributes to 15 out of 17 of the UN’s SDGs. This is up from 13 a few years ago. Mobile money now contributes to SDG 11 – Sustainable Cities and Communities and SDG 12 – Responsible consumption and production. We hope it won’t be long before we can tell you that mobile money is contributing to all 17 SDGs. By improving access to digital payments and accelerating financial inclusion, mobile money remains a leading force in achieving the SDGs.”

– Ashley Olson Onyango, Head of Financial Inclusion and AgriTech, GSMA’s Mobile for Development

These contributions are evident not only in financial services but also in the broader areas of sustainable urban development and responsible consumption. The continuous expansion of mobile money services offers immense opportunities for growth, innovation, and further integration into Africa’s dynamic digital landscape.