New GSMA report highlights 16% growth in mobile money transaction values, reaching $1.68 trillion
LONDON, April 8, 2025 /PRNewswire/ -- Mobile money reached two significant milestones in 2024, surpassing two billion registered accounts and over half a billion active monthly users worldwide. The industry, which took 18 years to achieve one billion registered accounts and 250 million active users, has doubled in size in just five years, according to the GSMA Mobile Money Programme's 'State of the Industry Report on Mobile Money 2025.'
In 2024, mobile money processed around 108 billion transactions, totalling over $1.68 trillion. Transaction volumes grew by 20%, while transaction values increased by 16%, reflecting the industry's robust expansion.
Vivek?Badrinath, GSMA Director General comments: "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."
Mobile money has become a key driver of economic development. By 2023, countries with mobile money services saw a $720 billion boost to their GDP, reflecting a 1.7% increase. In Sub-Saharan Africa, mobile money added approximately $190 billion to GDP in 2023.
Sub-Saharan Africa remains the global leader in mobile money, with new accounts rising in East and West Africa. East Africa led growth in active accounts in 2024, followed by Southeast Asia and West Africa. East Asia-Pacific also showed strong growth, particularly in Cambodia, Fiji, the Philippines, and Vietnam, where enabling regulations fostered success.
Many providers in East Asia-Pacific have evolved into full-service financial platforms, offering products like credit, savings, and insurance. By June 2024, 44% of providers offered credit services, making it the most common adjacent financial product.
Despite the growth, several barriers remain, notably among women. Eight of the 12 countries surveyed still showed disparities in mobile money ownership between men and women, with limited awareness and digital financial literacy as significant barriers. Mobile money providers are addressing these issues, with nearly 60% launching digital literacy initiatives to drive adoption and close the gender gap.
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