The global mobile money industry has reached a new phase of maturity and scale.
According to GSMA’s State of the Industry Report on Mobile Money 2025, the sector surpassed 2.1 billion registered accounts and 514 million monthly active users in 2024, marking a significant acceleration from earlier growth milestones.
This evolution signals a transition from financial inclusion enabler to a cornerstone of digital financial ecosystems in low- and middle-income markets.
The industry’s journey is emblematic of fintech innovation in action.
It took 18 years to reach the first billion accounts, but just five more to double that figure.
More than two-thirds of registered accounts now originate from Sub-Saharan Africa, reaffirming the region’s role as the epicentre of mobile money expansion.
Notably, Sub-Saharan Africa alone processed $1.1 trillion in transactions in 2024, representing 66% of global transaction value via mobile money.
Economic Impact: $720 Billion in GDP Contributions
The most compelling narrative of 2024 is the macroeconomic contribution of mobile money.
By the end of 2023, countries with mobile money services experienced a GDP uplift of $720 billion – equivalent to a 1.7% increase, according to GSMA Intelligence.
Sub-Saharan Africa led the pack, with mobile money contributing 4.5% to GDP – rising to over 5% in nations like Kenya, Ghana, and Côte d’Ivoire.
This economic impact is underpinned by the increasing integration of mobile money into daily life.
From salary disbursements and bill payments to international remittances and merchant payments, mobile money has become a critical utility – much like water or electricity – in many developing economies.
Commercial Viability and Business Integration
Mobile money is not only a development tool but also a commercially viable business.
The average monthly revenue per user (ARPU) grew from $2.86 in 2023 to $3.51 in 2024, and nearly 80% of providers reported a positive EBITDA.
Safaricom’s M-PESA, for example, now accounts for over 42% of its parent company’s revenue.
Similar growth trajectories were observed for Airtel Money and MTN MoMo, underscoring the strategic importance of the service to mobile network operators (MNOs).
This business case is strengthened by the expansion of agent networks.
In 2024, there were 28 million registered agents globally, of which 10 million were active monthly – up 17% year-on-year.
The agent-to-adult ratio has doubled since 2021, improving accessibility and enabling greater usage of digital financial services.
Ecosystem Transactions Gain Traction
Beyond person-to-person (P2P) transfers, the growth in ecosystem transactions reflects mobile money’s integration into broader financial and commercial services.
Merchant payments, which exceeded $100 billion in value in 2024, now stand as the highest-value ecosystem use case.
International remittances via mobile money grew by 22%, reaching $34 billion, while bill payments and bulk disbursements rebounded strongly after declining in 2023.
Transfers between banks and mobile money accounts have also gained traction.
Bank-to-mobile (B2M) and mobile-to-bank (M2B) transactions were nearly equal in value – $127 billion and $125 billion respectively – demonstrating increased interoperability and user trust in digital channels.
The Road Ahead: Regulation, Inclusion and Digital Literacy
The report highlights that enabling regulation is vital for sustained growth.
Markets such as Cambodia, Fiji, and Vietnam have seen rapid adoption driven by progressive policies.
Yet challenges remain, particularly around fraud, digital financial literacy, and gender inclusion.
Across 12 countries surveyed, a gender gap in account ownership persisted in two-thirds of them, often driven by structural barriers such as phone ownership, social norms, and digital skills gaps.
Looking forward, mobile money is poised to become not only the default financial service in many emerging markets but also a platform for savings, credit, insurance, and beyond.
As GSMA aptly notes, the sector is now primed for its next wave of expansion – one that could redefine how entire populations engage with the digital economy.
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