Mobile money transactions hit $1.68trn in one year
Mobile money platforms processed around 108 billion transactions in 2024, amounting to a combined value of $1.68 trillion, according to the State of the Industry Report on Mobile Money 2025 released on Tuesday by the GSMA.
The GSMA’s mobile money initiative is designed to strengthen the financial ecosystem in communities where access to conventional banking services remains limited. According to the global association representing mobile operators, the number of mobile money transactions increased by 20 percent year-on-year, while the total value of transactions rose by 16 percent — a step up from the 13 percent growth recorded in 2023.
“Mobile money accounts witnessed strong double-digit growth in both volume and value in 2024,” the report noted. “An estimated 108 billion transactions, worth over $1.68 trillion, were carried out during the year.”
GSMA’s Director General, Vivek Badrinath, described mobile money as a powerful engine for financial inclusion and a catalyst for broader economic development.
He said, “The sustained progress of mobile money hinges on having regulatory frameworks that support innovation and accessibility, allowing the full social and economic benefits to be realised.
“To keep mobile money services within reach, affordable, and secure, it’s essential for governments and regulators to collaborate with financial service providers. Together, they must champion financial literacy efforts that equip underserved communities with the knowledge and tools to make sound financial choices,” he added.
The report also noted a measurable impact on national economies. By 2023, countries offering mobile money services saw their collective GDP rise by around $720 billion — representing a 1.7 percent increase. In Sub-Saharan Africa alone, mobile money contributed an estimated $190 billion to GDP during the same period.
Sub-Saharan Africa remains at the forefront of the mobile money revolution, with a significant uptick in active accounts, particularly in East and West Africa. The report drew attention to East Africa’s notable rise in active users during 2024, followed closely by regions such as Southeast Asia and West Africa. Growth was also recorded across parts of East Asia-Pacific — including Cambodia, Fiji, the Philippines, and Vietnam — largely due to conducive regulatory policies.
According to the GSMA, mobile money operators in the East Asia-Pacific region have progressed beyond basic services, offering more comprehensive financial products. By mid-2024, 44 percent of providers in the region had begun offering credit services. Nonetheless, the report pointed out that gender disparities continue to be a challenge: in eight out of twelve countries surveyed, women were found to be significantly less likely to own mobile money accounts.
“Nearly 60 percent of mobile money providers are taking active steps to tackle this issue by rolling out digital literacy programmes,” the report noted.
The year 2024 also marked two major milestones for the mobile money industry. The number of registered accounts globally surpassed two billion, while the number of active monthly users exceeded 500 million.
To put that in perspective, it took the industry 18 years — from its inception in 2001 — to reach one billion registered accounts and 250 million active users. In just the past five years, those figures have doubled, reflecting the pace at which mobile money continues to reshape financial access around the world.
