A new GSMA report reveals mobile money surpassed 2 billion registered accounts and over 500 million monthly active users in 2024 — doubling its reach in just five years.
The value of transactions hit $1.68 trillion, up 16% year-on-year. Volume also jumped 20%, with 108 billion transactions recorded in 2024.
“Mobile money has emerged as a powerful driver of financial inclusion and economic growth,” said GSMA Director General Vivek Badrinath.
Why it matters
Mobile money is not just growing — it’s transforming economies. The report estimates it added $720 billion to global GDP by the end of 2023, including $190 billion in Sub-Saharan Africa alone.
Regional trends
- Sub-Saharan Africa remains the most active mobile money market, driven by growth in East and West Africa.
- East Africa led global growth in monthly active accounts.
- East Asia-Pacific is catching up, thanks to enabling policies in Cambodia, Fiji, the Philippines and Vietnam.
Evolution of services
Mobile money is expanding beyond basic transfers:
- 44% of providers now offer credit.
- About one-third offer savings products.
- Insurance is still limited — only 28% of providers offer it.
Gender gap persists
Despite rising usage, women in 8 of 12 countries surveyed still face a mobile money ownership gap.
Barriers include low digital literacy and limited awareness — though once women have accounts, they’re just as active as men.
What’s next
To boost adoption and close the gender gap, nearly 60% of providers are rolling out digital financial literacy programs.
