Nearly three-quarters of all global Mobile Money transactions now take place in Africa. In 2024, the region recorded over 81 billion operations, representing a transaction volume of $1.1 trillion. This marks a remarkable 22% increase in transaction volume and a 15% rise in value compared to the previous year.
A growth rooted in african realities
Several key factors explain this extraordinary uptake. Chief among them is the emergence of a vast and trusted network of Mobile Money agents. In 2024, the global number of registered agents reached 28 million 77% of whom are based in sub-Saharan Africa. Ten million agents are active on a monthly basis, a sign of just how integral the service has become to daily life.
Mobile Money has filled the void left by limited access to formal banking, especially in rural and underserved areas. Leveraging the widespread use of mobile phones, it offers a simple, rapid, and accessible alternative for millions.
“Mobile Money is a powerful enabler of transformation. It offers practical solutions for communities and accelerates financial inclusion,” says Ashley Olson Onyango, Head of Financial Inclusion and AgriTech at the GSMA.
Services like M-Pesa in Kenya, MTN MoMo, and Orange Money have built strong reputations and user trust often outpacing traditional banks in popularity. Supportive regulatory frameworks in countries such as Kenya, Ghana, Uganda, and Tanzania have also fostered innovation, allowing the sector to thrive.
An economic game-changer
Beyond its social impact, Mobile Money is significantly boosting African economies. According to the GSMA, the sector contributed $190 billion to the region’s GDP in 2023, accounting for as much as 5% of GDP in countries like Benin and Côte d’Ivoire.
Its influence is global. In 2024, Mobile Money services processed nearly $1.7 trillion worldwide. From merchant payments and bill settlements to international remittances and salary distributions, the range of use cases continues to expand. Altogether, these services injected an additional $720 billion into the economies that utilize them.
Mobile Money is no longer just a financial innovation it’s a driver of sustainable development. It currently contributes to 15 of the 17 United Nations Sustainable Development Goals (SDGs), with its impact growing each year. Improving interoperability, according to Ashley Olson Onyango, “would streamline digital assets and align public policy goals with the vision of a cashless economy.”
By broadening financial access, reducing poverty, and energizing the digital economy, Mobile Money stands out as a cornerstone of Africa’s economic future. It is redefining finance, inclusion, and innovation on the continent and far beyond.
