Mobile Money Reached Two Major Milestones

Mobile money reached two significant milestones in 2024, surpassing two billion registered accounts and over half a billion active monthly users worldwide. The industry took 18 years to achieve one billion registered accounts and 250 million active users from 2001 but doubled in size in the following five years.

The GSMA's latest report finds that transaction volumes and values for mobile money accounts experienced robust double-digit growth in 2024. Approximately 108 billion transactions, totaling over $1.68 trillion, were processed through mobile money accounts in 2024. Year-on-year transaction volumes increased by 20%, while transaction values grew by 16%, up from a 13% increase in 2023.  

“Mobile money has emerged as a powerful driver of financial inclusion and economic growth. Its continued success depends on supportive regulatory environments that promote innovation and 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,” said Vivek Badrinath, GSMA Director General.

Mobile money continues to play a key role in economic development. By the end of 2023, the total GDP of countries with mobile money services was over $720 billion higher than it would have been without them, reflecting a 1.7% increase in GDP driven by mobile money. In Sub-Saharan Africa alone, year-on-year, mobile money added around $190 billion to the GDP in 2023, demonstrating its sustained economic influence.

Mobile money providers are increasingly offering adjacent financial services like credit, savings, and insurance. As of June 2024, 44% of providers offered credit services, making it the most-used adjacent financial product. Around a third of providers offered savings services, while insurance remains the least common, with around 28% of providers offering it.

Despite progress, several barriers to adoption remain, notably among women. Among 12 countries surveyed, eight continue to exhibit a gender gap in mobile money ownership, with little improvement since 2023. Limited awareness and low digital financial literacy are significant barriers, particularly for women.

However, women who hold mobile money accounts are nearly as likely as men to have used them in the past 30 days. The GSMA explains that to address these challenges, nearly 60% of mobile money providers have launched digital financial literacy initiatives to improve financial skills and drive adoption over time.