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Mobile Payment Services Expand to 2 Billion Accounts globally, Processing $1.68 Trillion in Transactions, According to GSMA Report.

Rapid expansion of mobile money services propels economic growth in various regions

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Digital Cash Transactions Surpass 2 Billion Accounts and Reach $1.68 Trillion - According to GSMA...
Digital Cash Transactions Surpass 2 Billion Accounts and Reach $1.68 Trillion - According to GSMA Research

Mobile Payment Services Expand to 2 Billion Accounts globally, Processing $1.68 Trillion in Transactions, According to GSMA Report.

Mobile Money Transforms Sub-Saharan Africa, Boosting Financial Inclusion and Economic Growth

The use of mobile money in Sub-Saharan Africa is experiencing rapid growth, making a transformative impact on the region. This development is particularly notable in the areas of financial inclusion, regional economic contribution, and the narrowing of the gender gap, although challenges persist.

Financial Inclusion

Mobile money ownership in Sub-Saharan Africa has seen a significant surge, with the number of mobile money accounts outnumbering traditional bank accounts in the region. This growth has expanded financial access for millions previously excluded from formal banking. However, approximately 80 million adults in the region still lack financial accounts, indicating untapped potential for inclusion.

Mobile money also supports formal savings, with 40% of adults in low- and middle-income countries saving formally, partially due to mobile money accounts.

Regional Growth and Economic Impact

Mobile money accounted for 4.5% of Sub-Saharan Africa’s GDP in 2023, with some countries exceeding 8% contribution. Over 1.1 billion mobile money accounts were registered in Africa by 2024, processing approximately US$1.1 trillion annually. Real-time payment systems are advancing rapidly, with 26 African countries now having national-scale instant payment systems.

Gender Gap and Inclusion

While detailed quantitative data on the gender gap is not extensive, the rise in mobile money has been noted globally and in Africa to reduce barriers for women’s financial inclusion by providing access outside traditional banks. Widespread agent networks and USSD/mobile app interfaces lower entry hurdles for women and marginalized groups, although digital payments adoption among poorer adults is still lower.

P2P mobile money payments are mature and widely adopted, but P2B digital payments lag significantly, indicating that everyday commerce remains largely cash-based in most Sub-Saharan countries except Kenya. The continued dominance of cash in retail merchant payments, especially by poorer populations, highlights a critical area for growth to fully leverage digital financial systems.

Infrastructure improvements and regulatory frameworks will be key to ensuring inclusive growth of mobile money and real-time payments across the continent.

Key Statistics

  • Mobile money added $720 billion to global GDP by the end of 2023.
  • Over 500 million monthly active users were recorded in mobile money in 2024.
  • Mobile money surpassed 2 billion registered accounts in 2024.
  • The value of transactions in mobile money increased by 16% year-on-year in 2024, reaching $1.68 trillion.
  • $190 billion of the global GDP growth attributed to mobile money was in Sub-Saharan Africa alone.
  • Approximately one-third of mobile money providers offer savings products.
  • Nearly 60% of mobile money providers are rolling out digital financial literacy programs to boost adoption.
  • Only 28% of mobile money providers offer insurance.
  • 44% of mobile money providers now offer credit services.
  • In 8 out of 12 surveyed countries, women face a mobile money ownership gap.
  • Low digital literacy and limited awareness are barriers to mobile money usage for women in these countries.
  • East Africa led global growth in monthly active accounts for mobile money.
  • The gender gap in mobile money usage persists despite rising usage.
  • East Asia-Pacific is catching up in mobile money usage, due to enabling policies in Cambodia, Fiji, the Philippines, and Vietnam.
  • The volume of transactions in mobile money jumped 20% in 2024, with 108 billion transactions recorded.

In summary, mobile money in Sub-Saharan Africa is a key driver of financial inclusion, economic growth, and partial closing of the gender gap, with significant regional achievements and promising future developments in real-time payments and digital merchant adoption. However, persistent challenges in cash reliance, digital literacy, gender disparities, and infrastructure need targeted efforts to realize full potential.

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