GSMA: Sub-Saharan Africa Emerges as the Global Hub for Mobile Money
In the 25 years since its introduction, mobile money has exceeded two billion registered accounts, with more than half a billion active monthly users worldwide.
Driving this market expansion is Sub-Saharan Africa, which boasts a total of 1.1 billion registered accounts and over 280 million active 30-day accounts, according to data from the end of 2024.
This is derived from the State of the Industry Report on Mobile Money 2025, which was put together using data and insights provided by the GSMA’s mobile money program team.
In its 13th year, the report outlines the advancements in mobile money. The newest version reveals that transaction volumes and values for mobile money accounts saw double-digit growth in 2024.
More than 108 billion transactions totaling $1.68 trillion were handled via mobile money accounts during the reviewed timeframe. According to Vivek Badrinath, the GSMA director-general, this equates to approximately $3.2 million in transactions every minute.
Year-over-year, the volume of transactions rose by 20%, with transaction values increasing by 16%, compared to an uptick of 13% seen in 2023.
The report states that the sector reached one billion registered accounts along with 250 million active users starting from 2001, taking 18 years for this growth. In the subsequent half-decade, it doubled in scale.
Mobile money accounts have consistently shown growth rates exceeding 10% since 2020. According to the report, registered accounts saw an increase of 14% year-over-year in 2024, reaching a total of 2.1 billion. Additionally, active 30-day accounts experienced an 11% rise, totaling 514 million.
Badrinath points out that Sub-Saharan Africa continues to be the focal point for mobile money, with the majority of newly registered and active accounts originating from this region.
Mobile money has become a significant catalyst for financial inclusion and economic progress. For sustained achievement, it relies on regulations that encourage innovation and availability, thereby aiding in realizing the complete social and economic benefits.
To keep mobile money accessible, affordable, and secure, it’s crucial for governments and regulators to collaborate with financial services providers in supporting financial education programs. This will empower underprivileged groups and create new avenues for making informed financial choices.
Moving forward, I am confident that we are ideally situated for the subsequent phase of expansion. This will be marked by mobile money becoming the favored payment method, which will boost business development, reinforce economic stability, and contribute to a brighter future for everyone.
The report further highlights that mobile money remains crucial for economic growth. As of December 2023, the combined GDP of nations offering mobile money services exceeded $720 billion more compared to scenarios where these services were absent, which corresponds to a 1.7% boost in GDP attributed directly to mobile money.
Alone in Sub-Saharan Africa, mobile money contributed approximately $190 billion to the GDP in 2023, highlighting its ongoing economic impact.
Regional phenomenon
Mobile money facilitates purchasing items and services, saving funds, and transferring money to loved ones – whether locally or internationally.
According to the report, most mobile money accounts in the Sub-Saharan Africa area were fueled by their uptake and usage in East and West Africa.
In 2024, East Africa led the increase in monthly active accounts, with Southeast Asia and West Africa following closely behind.
Launched as a service aimed at promoting financial inclusion among those without bank accounts, mobile money services like M-PESA in East Africa have emerged as the most widely used mobile payment system in the area.
The report indicates that over two-thirds of the registered accounts in 2024 originated from Sub-Saharan Africa. That year saw more than one billion registered accounts in this region—double the number recorded in 2020.
In comparison to predictions made in 2019, the GSMA discovered that registered accounts expanded at a quicker pace than anticipated. Data from 2024 indicates that there were 75% more registered accounts in Sub-Saharan Africa than what was forecasted earlier.
Growth in active 30-day accounts was primarily fueled by East Africa, accounting for 32% of new accounts in 2024, with Southeast Asia not far behind at 28%. Contributions from West Africa and South Asia stood at 21% and 19%, respectively. The double-digit increase in active monthly accounts during 2024 indicated that millions still depend on mobile money for their everyday financial transactions.
From 2014 to 2024, the percentage of active 90-day accounts relative to SIM card numbers in Sub-Saharan Africa increased from 10% to 39%. In comparison, the maximum ratio observed across different regions was 8% in South Asia. Although certain parts of Sub-Saharan Africa might be seen as fairly developed, potential for expansion remains—both within Sub-Saharan Africa and elsewhere.
Southeast Asia saw the second-highest increase in active monthly accounts, following closely behind the Middle East and North Africa.
The area experienced quicker growth in 30-day active accounts compared to registered accounts, aided by supportive regulatory climates in countries such as Cambodia, Fiji, the Philippines, and Vietnam.
The GSMA also discloses that within the East Asia and Pacific regions, numerous mobile money service providers have transformed into comprehensive financial platforms, delivering an extensive array of services tailored to meet customer demands. According to them, the most effective providers are typically those continuously expanding their product ranges through innovation.
As of June 2024, mobile money service providers have expanded their offerings to include various related financial products such as loans, savings accounts, and insurance policies. By this time, 44% of these providers had introduced loan services, which stands out as the most commonly provided additional financial product. Approximately one-third of them also offered savings facilities. However, when it comes to insurance, only about 28% of the providers included it among their range of services.
Even though advancements have been made, the report points out that various obstacles to adoption still persist, particularly for women. According to data from twelve nations examined, eight of them show an ongoing disparity in mobile money ownership between genders, with minimal change observed since 2023.
Narrow understanding and insufficient knowledge of digital finance pose considerable obstacles, especially affecting women. Nonetheless, women with mobile money accounts are almost equally probable as men to have utilized these services within the last thirty days.
Badrinath comments, "As we progress with closing the usage gap and promoting digital and financial inclusivity, it’s very heartening that nearly 60% of mobile money service providers have implemented digital literacy programs. Such initiatives enhance financial understanding and reduce fraudulent activities, as well as assist in removing obstacles that hinder countless individuals—particularly women—from taking full advantage of mobile money services."