Expanding Horizons for Inclusion, Growth and Innovation
In the decade since mobile money began its rapid ascent, we have witnessed it transform from a financial inclusion tool to a thriving global ecosystem driving economic growth. GSMA’s State of the Industry Report on Mobile Money 2025 offers compelling evidence of this continued evolution, with over two billion registered accounts, half a billion active users and nearly $1.7 trillion flowing through the system in 2024.
The message is very clear — Mobile money is not only here to stay, it’s reshaping how economies function and how individuals, especially in underserved regions, manage their financial lives. Scroll on to uncover the powerful ripple effects mobile money created across the globe in 2024.
Unstoppable Growth – More Users, More Value
The industry reached two critical milestones in 2024:
- 2.1 billion registered mobile money accounts (a 14% increase)
- 514 million monthly active users (up 11%)
Sub-Saharan Africa continues to lead the charge, with over 1.1 billion accounts, which is double the number recorded just four years ago. But it’s not alone. The East Asia and Pacific region posted double-digit growth in both active users and transactions, showcasing how enabling regulation and market innovation are catalysing uptake in markets like Cambodia, Vietnam and the Philippines.
And the impact is more than just digital, it’s macroeconomic. Countries with mobile money services saw a cumulative $720 billion boost to GDP by the end of 2023, up from $650 billion in 2022. In Sub-Saharan Africa alone, mobile money added $190 billion to regional GDP, accounting for up to 5% or more of GDP in countries like Kenya, Ghana and Senegal.
From Transactions to Transformation
While account growth is impressive, it’s how people use mobile money that tells the real story.
In 2024 –
- 108 billion transactions took place, worth over $1.68 trillion
- Merchant payments surpassed $100 billion, up 21%
- International remittances hit $34 billion, rising 22%
The ecosystem is clearly diversifying. Increasingly, customers are paying bills, sending and receiving cross-border transfers, and using mobile money for day-to-day transactions with merchants. The surge in ecosystem transactions, which move money between users, banks, merchants, and platforms, demonstrates a maturing financial infrastructure.
What’s particularly encouraging is that mobile money transaction volumes continue to outpace value growth, suggesting increasing frequency and comfort with smaller-value digital payments, which in itself is a key marker of adoption and habit formation.
Unlocking New Value — Credit, Savings and Insurance
Mobile money providers are no longer just enablers of transactions, they are becoming full-fledged financial service platforms.
In 2024 –
- 44% offered credit services
- 33% offered savings products
- 28% offered insurance, up from just 19% in 2023
These services are particularly powerful in markets like Indonesia, Kenya and Nigeria, where over 45% of users reported saving through mobile money. In Mali, the OKO–Orange Money partnership is offering weather-based agricultural insurance and in Ethiopia, startups like Lersha are combining mobile credit with climate resilience programs for smallholder farmers.
The Physical Backbone — Agents and Access
A robust agent network remains crucial to mobile money’s success, especially in regions where digital literacy and smartphone penetration continue to lag.
In 2024 –
- 28 million registered agents (+20% YoY)
- 10 million active monthly agents, up 17%
- The ratio of agents per 100,000 adults has doubled since 2021
Agents continue to provide the crucial cash-in/cash-out functionality that anchors digital services in physical accessibility, especially for first-time users and those in rural areas.
Inclusion With Gaps That Still Matter
Despite enormous strides, the gender gap remains persistent in 2024
- In 8 of 12 countries surveyed, women were significantly less likely to own mobile money accounts.
- Yet, once women have access, their usage patterns are nearly equal to men’s.
Barriers like mobile phone ownership, awareness, and digital confidence still stand in the way. Initiatives in Pakistan, India, and Bangladesh aim to tackle these, but progress remains uneven. The industry must go further, not just by building tools, but by enabling access, awareness, and trust.
A Stronger Business Case Than Ever
Behind the inclusion story lies a compelling business model.
In 2024 –
- Average revenue per user (ARPU) rose from $2.86 in 2023 to $3.51
- Nearly 80% of mobile money providers reported positive EBITDA
- M-PESA now contributes 42% to Safaricom’s annual revenue
- Airtel Money’s revenue share grew to 17% of Airtel Africa’s total revenue
What was once seen as a CSR-driven initiative is now a core revenue stream for many MNOs and fintechs. Strategic partnerships with Visa, Mastercard, and PayPal are further extending capabilities. From virtual cards to international gateways, cementing mobile money’s role as a mainstream financial service.
The Road Ahead – Responsibility, Resilience, and Reach
Yet challenges remain. Fraud, over-indebtedness from digital credit and gaps in digital financial literacy still pose serious risks. Responsible innovation must guide the next phase of growth. Encouragingly, over 60% of providers now have financial literacy programs, and AI-powered credit scoring tools are being deployed to curb defaults and predatory lending.
With enabling regulation, public-private partnerships and a continued focus on underserved segments, mobile money is poised to become the foundation of a more equitable, digital financial future.
My Take On Mobile Money’s Second Act
If the first era of mobile money was defined by inclusion, bringing unbanked populations into the fold, the next will be defined by empowerment and intelligent enablement. Mobile money today is no longer just a fintech story; it’s an economic transformation story, reshaping livelihoods, strengthening GDP and unlocking access to credit, savings, insurance and opportunity.
The industry has crossed massive milestones. 2.1 billion accounts, $1.68 trillion in transactions and a $720 billion GDP impact. Yet, the journey is far from over. With adjacent services maturing and adoption deepening across regions and demographics, the stage is set for a new chapter, which is powered by intelligent technology.
This is where Generative AI (GenAI) and Agentic AI step in. From personalised financial coaching for underserved users to automated fraud detection, intelligent credit scoring and hyper-local language interfaces, these technologies have the potential to radically transform how users interact with mobile money. Imagine an AI agent embedded within a wallet, where it is not just limited to processing your payments, but proactively advising you on budgeting, offering tailored microloans, or helping rural farmers enrol in crop insurance in their local dialect with voice prompts.
But with this intelligence comes responsibility. Scaling must remain inclusive. Innovation must be ethical. And the vast, still-untapped potential across geographies, gender and generations must be unlocked deliberately, guided by strong governance, thoughtful design, and equitable access to infrastructure and digital literacy.
Mobile money began as a means to bridge financial divides. Today, it’s a platform for economic agency. Tomorrow, with the thoughtful integration of AI, it could become the cornerstone of a truly inclusive digital economy that doesn’t just transact but understands, guides and empowers its users.
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