As mobile money continues to permeate the financial lives of millions, its economic and commercial impact is becoming undeniable.
Payments Cards & Mobile recently reported on the surge of accounts past the 2 billion mark – now we turn our attention to the economic impact.
According to the GSMA State of the Industry Report on Mobile Money 2025, mobile money has moved well beyond a tool for financial inclusion to become a powerful engine for GDP growth, business model innovation, and investor interest in low- and middle-income markets.
At the macro level, the GSMA estimates that mobile money services contributed over $720 billion to the GDP of countries where such platforms operate as of 2023 – an increase of 12% from the year prior.
Sub-Saharan Africa alone accounted for $190 billion of this total, with particularly high contributions seen in Kenya, Ghana, Côte d’Ivoire, and Rwanda, where mobile money now supports more than 5% of GDP.
These figures are not merely statistical footnotes; they illustrate how mobile money infrastructure is enabling more efficient cash flows, stimulating consumer activity, and opening formal economic channels to previously excluded populations.
Whether through daily transactions, merchant payments, remittances, or access to adjacent financial products, mobile money is now a cornerstone of economic resilience in many parts of the Global South.
Profitability Signals Long-Term Viability
From a commercial perspective, the mobile money industry is not just surviving – it’s thriving.
As of mid-2024, nearly 80% of mobile money providers (MMPs) reported a positive EBITDA, up from 73% in 2023.
Notably, 45% of providers achieved an EBITDA margin above 25%, driven largely by a jump in average revenue per user (ARPU), which increased from $2.86 to $3.51 over the same period.
While revenue is still heavily reliant on customer fees – 80% of MMPs cited them as their primary income source – business fees and partnerships are also gaining importance, particularly among providers seeking to diversify revenue streams and lower reliance on transaction costs.
Agent networks continue to play a pivotal role in this model.
Commissions to agents, while comprising a smaller percentage of total revenue than in previous years (down from 45% to 41%), remain a vital incentive to maintain last-mile distribution and customer engagement.
These networks also help ensure liquidity and serve as informal financial advisers for underserved populations.
Mobile Money as a Growth Engine for MNOs
The importance of mobile money to parent companies – especially mobile network operators (MNOs) – cannot be overstated.
For instance, M-PESA accounted for over 42% of Safaricom’s total revenue in FY2024, up nearly 10 percentage points from 2021.
Airtel Money’s contribution to Airtel Africa’s revenue grew to nearly 17%, while Axian Group’s mobile money operations rose to almost 18% of revenue share in 2024.
Even in cases where mobile money revenue fell, such as with Vodacom M-PESA due to divestments and competitive pressures, the service still represented a substantial share of group income – underscoring the strategic value of mobile money to corporate performance and investor confidence.
Strategic Partnerships and Investor Appetite on the Rise
Global payment giants are also taking notice.
Strategic partnerships between MMPs and players like Mastercard and Visa are increasingly common, offering services such as virtual cards, cross-border remittance rails, and integrated merchant solutions.
In 2024 alone, Mastercard announced tie-ups with MTN MoMo, Orange Money, and Safaricom’s M-PESA – its most active year to date in the space.
Investment activity has mirrored this trend.
Since 2021, Airtel Money, MTN MoMo, and GCash have all attracted major equity investments from the likes of TPG’s Rise Fund, Mastercard, and MUFG.
Valuations are rising accordingly, with MTN’s fintech business pegged at $5.2 billion in its 2024 fundraising round.
From Platform to Infrastructure
Mobile money is no longer a niche or supplementary service.
It is becoming core financial infrastructure in many of the world’s fastest-growing markets.
As platforms mature and diversify, and as regulatory environments become more enabling, mobile money’s influence on macroeconomic stability, digital commerce, and fintech innovation will only intensify.
For policymakers, telecom operators, investors, and fintech firms alike, this signals not only an opportunity – but an imperative – to engage with and help shape the future of mobile financial ecosystems.
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