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Global mobile money accounts exceed 2 billion, Sub-Saharan Africa leads in active users

Oluwatosin Adeyemi by Oluwatosin Adeyemi
April 12, 2025
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Global mobile money accounts exceed 2 billion
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According to the GSM Association (GSMA), mobile money achieved two noteworthy milestones worldwide in 2024, which include surpassing two billion registered accounts and recording half a billion monthly active users.

This was disclosed in its State of Industry Report for Mobile Money 2025, released on Tuesday. 

The report highlights that the increase in new accounts and monthly activity in East and West Africa kept Sub-Saharan Africa as the most active mobile money region globally.

East Africa was the primary driver of monthly active account growth in 2024, followed by Southeast Asia and West Africa, according to the research. 

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Although sub-Saharan Africa continued to be the world’s most active mobile money region, it was pointed out that the East Asia-Pacific region was also making great strides.

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“East Asia-Pacific recorded the second-fastest growth rate for active monthly accounts, only surpassed by the Middle East and North Africa.”

“Its growth rate is supported by enabling regulatory environments in key markets such as Cambodia, Fiji, the Philippines, and Vietnam,” the report explained. 

The GSMA is a non-profit trade organization that represents the interests of mobile network operators around the world. 

According to the GSMA report, “The mobile money industry took 18 years, from 2001, to reach one billion registered accounts and 250 million active users.”

“Remarkably, it doubled its size in the subsequent five years.”

Mobile money record 108 billion transactions, reaching $1.68 trillion 

According to the most recent study, there was a strong double-digit increase in the number and value of transactions made using mobile money accounts in 2024. 

According to the report, mobile money accounts handled almost 108 billion transactions in 2024, reaching more than 1.68 trillion dollars. 

Related Post: e& Egypt launches instant cross-border money transfers from UAE, Saudi Arabia

According to the report, transaction values surged by 16 percent and transaction volumes by 20 percent year over year. This is a significant improvement above the 13 percent growth seen in 2023. 

Barriers to Mobile Money acceptance

However, despite the notable advancements made in mobile money worldwide, the report pointed out that a number of obstacles still stood in the way of its broader acceptance. 

The gender disparity in mobile money ownership is a significant obstacle to further adoption, according to the GSMA survey.

“Among 12 countries surveyed, eight continue to exhibit a gender gap, with little improvement observed since 2023.”

“Limited awareness of mobile money services and low digital financial literacy are identified as significant barriers, particularly affecting women,” the association said.

The study did point out a good trend, though, pointing out that women who do have mobile money accounts are almost as likely as men to have used them frequently in the previous 30 days. 

Digital financial literacy programs to encourage financial inclusion

According to the GSMA, approximately 60 percent of mobile money providers have started digital financial literacy programs to address these enduring issues and encourage broader financial inclusion.

Related Post: Palmpay introduces Verve debit cards to enhance mobile wallet offerings

The GSMA claims that these programs are intended to increase people’s financial literacy and promote the long-term use of mobile money services. 

In his remarks, GSMA Director-General Vivek Badrinath emphasized the significance of funding financial literacy initiatives.

“These programmes empower underserved populations and create new opportunities for informed financial decision-making,” he said.

Badrinath emphasised that mobile money has become a potent force behind economic expansion and financial inclusion.

“However, its continued success depends on supportive regulatory environments that promote innovation and accessibility and help unlock the full socio-economic potential,” he said.

Ancillary financial services

According to the report, mobile money providers are increasingly providing ancillary financial services in addition to standard transactions. It pointed out that these comprised insurance, savings, and credit products, suggesting that the mobile money ecosystem had matured.

According to the research, credit services were offered by 44 percent of mobile money providers as of June 2024, making it the most widely available ancillary financial product. 

However, it pointed out that about one-third of suppliers provided savings services. According to the research, insurance is still the least popular ancillary service, with only about 28 percent of suppliers providing it.

Importance of collaboration among stakeholders

The director general emphasised how important it is for governments, regulators, and financial service providers to work together. 

According to him, cooperation was necessary to guarantee that mobile money will always be available, reasonably priced, and secure for all users. 

Tags: Mobile Money
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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