The GSMA lauded continued progress of mobile money adoption and use across the globe, stating milestones of 2 billion registered accounts and half a billion monthly active users were surpassed during 2024.
In its State of Industry Report on Mobile Money 2025, the organisation highlighted it took 18 years from launch in 2001 to achieve 1 billion accounts and 250 million monthly active users, but just five years to double these figures.
The total number of accounts in 2024 were up 14 per cent year-on-year to 2.1 billion and monthly active users 11 per cent to 514 million.
Around 108 billion transactions worth a total of almost $1.7 trillion were processed in 2024, a 20 per cent rise in payment volume and 16 per cent in value.
Use of mobile money services are reported as having a positive impact on GDP in countries where they are available.
Regionally, sub-Saharan Africa continued to lead the way as the most active area, with growth driven by new registered accounts and rising monthly activity in East and West Africa.
Elsewhere, the GSMA highlighted “notable strides” in East Asia-Pacific, which booked the second fastest growth rate for monthly active accounts.
While mobile money initially focused on in-store payments, utilities, remittance and airtime purchases, the research highlighted many providers are evolving their range to adjacent services.
Some have even become full financial services platforms.
Examples of products beyond payments being provided include credit, savings accounts and insurance.
As of June 2024, the GSMA found credit was the most common additional service, offered by 44 per cent of providers.
Barriers
Although outlining continued positive strides for mobile money in 2024, the GSMA noted barriers to further adoption.
In the 12 countries it assessed, eight were reported as exhibiting a gender gap in uptake, with “little improvement from 2023”.
Limited awareness and low digital financial literacy were listed as significant factors here.
GSMA director general Vivek Badrinath highlighted mobile money had “emerged as a powerful driver of financial inclusion and economic growth”, adding “its continued success depends on supportive regulatory environments that promote innovation, accessibility and help unlock the full socio-economic potential”.
“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.”
Source: www.mobileworldlive.com
By Chris Donkin
