Mobile Money tops 2bn accounts globally, hits $1.68tn in transactions

By Gloria Methri

Mobile money has hit a historic high, surpassing two billion registered accounts and over 500 million monthly active users globally in 2024, according to the GSMA’s State of the Industry Report. This marks a dramatic acceleration for the sector, which took 18 years to reach its first billion users but just five years to double that figure.

With a staggering $1.68 trillion processed through 108 billion transactions last year, the mobile money industry is not only growing at scale but deepening its role as a cornerstone of global financial inclusion.

Explosive Growth Fuelled by Innovation and Inclusion

In 2024 alone, transaction volumes rose by 20% and transaction values increased by 16%, reinforcing mobile money’s strength as a reliable, accessible, and rapidly evolving financial tool. GSMA’s Director General, Vivek Badrinath, called it a “powerful driver of financial inclusion and economic growth.” He emphasised the importance of regulatory support in maintaining this momentum: “To ensure mobile money remains accessible, affordable, and safe, governments and regulators need to work with financial service providers to support financial literacy programs, empowering underserved populations and opening new opportunities for financial decision-making.”

The economic impact is undeniable. In 2023, countries with mobile money infrastructure saw a $720 billion boost to GDP, amounting to a 1.7% increase. Sub-Saharan Africa led the charge, contributing $190 billion to regional GDP.

Regional Trends: Africa and Asia Lead the Charge

Sub-Saharan Africa remains the undisputed leader in mobile money adoption, with East and West Africa showing consistent growth in account registrations. In 2024, East Africa topped the charts in active user growth, followed closely by Southeast Asia and West Africa.

In the East Asia-Pacific region, growth was particularly notable in Cambodia, Fiji, the Philippines, and Vietnam, where regulatory frameworks have been key enablers. Many providers in these markets have evolved into full-fledged financial platforms, offering not just transfers but also credit, savings, and insurance products. As of mid-2024, 44% of mobile money providers offered credit services, making it the most popular adjacent financial offering.

Gender Gap and Digital Literacy Still Pose Barriers

Despite the substantial gains, challenges persist, especially when it comes to gender parity. In eight out of twelve surveyed countries, significant gaps remain in mobile money usage between men and women. The report identifies limited awareness and low digital financial literacy as primary roadblocks.

To address this, nearly 60% of mobile money providers have launched digital literacy initiatives aimed at closing the gender gap and empowering women with the tools needed to manage their finances independently.

The findings underscore mobile money’s evolution from a basic transaction service to a multi-functional financial ecosystem that is transforming lives and economies. With digital literacy initiatives and progressive regulations, mobile money is poised to not only maintain its growth trajectory but also deepen its impact on financial empowerment worldwide.