…Transaction volumes rose 20% year-on-year, driven by growth in Africa and Asia
Mobile money platforms processed 108 billion transactions valued at $1.68 trillion in 2024, according to the latest “State of the Industry Report on Mobile Money 2025” released by the Global System for Mobile Communications Association (GSMA) on Tuesday.
The report shows a 20% year-on-year increase in transaction volumes and a 16% rise in transaction values — up from a 13% rise in 2023.
“This reflects robust double-digit growth in mobile money usage globally,” the report noted. “Approximately 108 billion transactions totalling over $1.68 trillion were processed through mobile money accounts in 2024.”
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Growth linked to financial inclusion and economic impact
GSMA Director General, Vivek Badrinath, said mobile money continues to play a key role in driving financial inclusion and economic activity in underserved regions.
“Its continued success depends on supportive regulatory environments that foster innovation and accessibility,” Badrinath said. “Governments must collaborate with financial service providers to ensure mobile money remains safe, affordable, and inclusive, especially through financial literacy initiatives.”
According to the report, countries offering mobile money services recorded a GDP increase of about $720 billion in 2023, equivalent to a 1.7% boost. Sub-Saharan Africa alone accounted for approximately $190 billion of this total.
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Africa and Asia lead in account growth
East and West Africa led global growth in active mobile money accounts in 2024, followed closely by Southeast Asia. Gains were also recorded in East Asia-Pacific countries such as Cambodia, Fiji, the Philippines, and Vietnam. The report attributes this to regulatory frameworks that support mobile money development.
GSMA noted a shift in the range of services offered. As of June 2024, 44% of mobile money providers in East Asia-Pacific were offering credit services, showing how platforms are evolving beyond basic transactions.
Gender gaps and digital literacy remain key issues
Despite widespread growth, challenges remain. The GSMA report flagged gender-based disparities in mobile money ownership across eight of the 12 countries surveyed.
“Nearly 60% of mobile money providers are now rolling out digital literacy initiatives to close gender and access gaps,” the report stated.
These initiatives aim to address inequalities in access and help more people participate in the digital economy.
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Industry reaches new milestones
The mobile money industry recorded two significant milestones in 2024. It surpassed two billion registered accounts and over 500 million active monthly users. For comparison, it took 18 years — from 2001 — to reach one billion registered users and 250 million active users. That figure has now doubled in just five years.
The GSMA report highlights how mobile money continues to evolve and expand, particularly in regions where traditional financial services remain limited. The data underlines the growing role of mobile platforms in driving access to financial services and shaping economic outcomes in the digital age.
