At a Glance
- Africa handled 74% of global mobile money, totaling $1.1 trillion in 2024.
- East and West Africa lead in mobile money volume, with strong regional account growth.
- Mobile money now drives GDP growth, cross-border trade, and digital financial inclusion across Africa.
Africa continues to lead the global mobile money revolution, handling an overwhelming majority of the world’s transactions and driving tangible economic growth.
According to GSMA’s 2025 State of the Industry Report on Mobile Money, mobile money services across the continent processed $1.105 trillion in 2024—74 percent of the global total and a 15 percent increase from the previous year.
In transaction volume, Africa recorded 81.8 billion out of 108.4 billion global transactions, marking a 22 percent year-on-year surge. The continent also boasts 1.1 billion registered accounts, 53 percent of the global total, underscoring mobile money’s critical role in expanding financial access across Africa’s diverse economies.
East Africa takes the lead, while others follow
East Africa remains the powerhouse of mobile money, processing $649 billion in transaction value in 2024 and maintaining 459 million active accounts.
West Africa followed closely with $357 billion in value from 485 million accounts. Central Africa, though smaller, is gaining traction with $83 billion and 104 million accounts.
In contrast, North and Southern Africa still trail, largely due to higher banking penetration. Their combined mobile money activity totaled just $16 billion, with only 52 million registered accounts between them.
Boosting GDP, transforming economies
The report highlights mobile money’s growing macroeconomic impact. In 2023 alone, countries with mobile money services experienced a $720 billion uplift in GDP, thanks to increased financial participation and liquidity.
Sub-Saharan Africa’s share stood at $190 billion, with more than a dozen African nations—including Kenya, Ghana, Senegal, and Rwanda—seeing over 5 percent GDP contributions from mobile money.
Expanding beyond payments
Mobile money is evolving rapidly, with new use cases reshaping digital economies. In 2024, the sector facilitated $105 billion in merchant payments, $93 billion in bill payments, $34 billion in cross-border remittances, and $97 billion in bulk disbursements, including salaries and government welfare programs.
Providers are also expanding into digital credit, savings, and insurance. In the past year, 44 percent offered loans, 34 percent savings, and 28 percent insurance products, reflecting a maturing market geared toward holistic financial inclusion.
A digital financial force with global implications
Africa’s mobile money ecosystem is not only transforming local economies—it is setting global benchmarks.
With innovation thriving even amid infrastructural and regulatory challenges, mobile money is proving to be one of the continent’s most powerful tools for inclusive growth.
As the region eyes deeper integration through initiatives like the African Continental Free Trade Area (AfCFTA), mobile money stands poised to power cross-border commerce and financial harmonization.
With continued investment, policy alignment, and technological innovation, Africa is not just participating in the future of finance—it is defining it.
