By Chinwendu Obienyi
Mobile money platforms processed about 108 billion transactions valued at $1.68 trillion in 2024, the latest report from the Global System for Mobile Communications Association’s (GSMA) “State of the Industry Report on Mobile Money 2025,” report released on Tuesday said.
GSMA’s mobile money programme works to advance the mobile money ecosystem of communities that lack access to more traditional banking services.
The global body for telecom operators stated that mobile money transaction volumes increased by 20 percent year-on-year, while transaction values grew by 16 percent, up from a 13 percent increase in 2023.
Transaction volumes and values for mobile money accounts experienced robust double-digit growth in 2024. Approximately 108 billion transactions, totalling over $1.68 trillion, were processed through mobile money accounts in 2024,” the report said.
Director General, GSMA, Vivek Badrinath, said 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, 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,” he said.
The report stated that the GDP of countries with mobile money services increased by approximately $720 billion by 2023, reflecting a 1.7 per cent increase. In Sub-Saharan Africa, mobile money added about $190 billion to GDP in the same year.
“The region remains the leader in mobile money, with active accounts increasing notably in East and West Africa. East Africa was highlighted for its growth in active accounts in 2024, followed by Southeast Asia and West Africa. Countries in East Asia-Pacific, including Cambodia, Fiji, the Philippines, and Vietnam, also demonstrated growth, attributed to favorable regulatory conditions.”
GSMA noted that mobile money providers in East Asia-Pacific have evolved to offer comprehensive financial services, with 44 per cent providing credit services by June 2024. However, challenges persist, particularly for women, as eight of the 12 surveyed countries reported disparities in mobile money ownership based on gender.
“Nearly 60 per cent of mobile money providers are addressing these gaps by implementing digital literacy initiatives,” the report said.
Mobile money reached two significant milestones in 2024, surpassing two billion registered accounts and over half a billion active monthly users across the globe.
The industry took 18 years to achieve one billion registered accounts and 250 million active users from 2001, but this has doubled in the last five years.