The State of the Industry Report on Mobile Money 2025 by GSMA confirms that Africa is an undisputed leader in digital payments, with the continent's digital payments trends surpassing those of other regions in 2024.
Out of the world's 2 billion registered mobile money accounts, Africa (excluding Mediterranean nations) holds 1.1 billion. More than 283 million of these are monthly active users, over half the global total.
The rapid expansion highlights the importance of mobile money in underserved regions, enabling financial inclusion where traditional banking remains limited.
Africa's mobile money sector added US$40 billion to Sub-Saharan Africa's GDP in just one year, reaching a total contribution of US$190 billion.
In countries like Kenya, Tanzania, and Uganda, mobile money supports between 5% and 8% of national GDP, levels unmatched globally. Kenya leads with 95% adult penetration, cementing East Africa's status as a mobile money powerhouse.
This growth isn't limited to established markets. Ethiopia has made significant strides since liberalizing its mobile money market in 2021. Safaricom's M-Pesa Ethiopia reached 4.5 million users by the end of 2023, while Telebirr, backed by government efforts, has onboarded 32 million users.
In West Africa, Nigeria saw a 20% rise in transactions, despite regulatory hurdles, and Côte d'Ivoire recorded a 24% increase in active accounts.
Ghana's interoperability platform processed over US$50 billion in 2023, offering a model for regional integration. In Senegal, Wave's simplified model now serves 90% of the market, and mobile money accounts there surpass traditional bank accounts.
Southern Africa is also catching up, with regulatory reforms in South Africa and innovative services like Mozambique's mKesh enabling cross-border payments with Tanzania.
Africa's agent network has become a critical pillar of this ecosystem. With 755 registered agents per 100,000 adults, twice the number in 2021, access to digital finance is becoming more widespread, even in remote areas.
This infrastructure supports a growing range of transaction types, with ecosystem payments like merchant transactions, bills, and bulk disbursements expanding rapidly. In 2024 alone, Africans made over US$100 billion in merchant payments via mobile money, up 21% from the previous year.
International remittances also play a key role, with Africa receiving US$34 billion through mobile platforms. This makes the continent a global leader in mobile-enabled cross-border transfers.
Despite the impressive growth, challenges remain. Regulatory clarity is a persistent hurdle. Experts like Antonita Gomez from Unitel Angola argue that regulators often conflate mobile money with traditional banking, causing friction and slowing innovation.
As demand grows for more sophisticated services, such as savings, insurance, and credit, regulatory frameworks must evolve to support expansion.
Credit products are now offered by 44% of mobile money providers, supplying vital liquidity to small businesses and individuals. 'In the DRC, with just 6 million users, the potential is enormous. Micro-loans and overdrafts will drive the next wave of growth,' said Vodacom M-Pesa's Reenu Verma.
Gender disparities in mobile money are narrowing. In Kenya, 89% of women who hold mobile wallets use them monthly, suggesting that once access barriers are overcome, usage becomes equitable.
Globally, other regions are starting to emulate Africa's model. Countries like Cambodia, Fiji, and the Philippines are adopting similar agent-based, wallet-first approaches. However, Africa's combination of trust, widespread adoption, and deep cultural integration remains unique.
The GSMA report concludes that Africa's mobile money story is far from over. With new growth expected in savings, insurance, and digital credit, especially in underserved markets, the continent remains at the forefront of the digital finance revolution.
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