The latest GSMA State of the Industry Report on Mobile Money reveals that in 2024 mobile money platforms processed US$1.68 trillion in transactions, a 16 percent increase year on year, while transaction volumes rose 20 percent to reach 108 billion.
Registered wallets climbed to 2.1 billion, with more than 500 million active on a monthly basis—effectively doubling global active users over the past five years.
Beyond sheer scale, mobile money’s economic impact is substantial. By the end of 2023 it had contributed an estimated US$720 billion to global gross domestic product, including US$190 billion in Sub‑Saharan Africa. The region remains the most dynamic market, driven by rapid uptake in East and West Africa, with Ghana among the standout performers. East Africa, led by Kenya’s M‑Pesa, recorded the strongest growth in monthly active accounts, while the East Asia‑Pacific region is catching up thanks to supportive regulations in Cambodia, Fiji, the Philippines and Vietnam.
“Mobile money has emerged as a powerful driver of financial inclusion and economic growth,” said GSMA Director‑General Vivek Badrinath, underlining the sector’s role in extending services to the unbanked and underbanked.
Innovation is expanding beyond basic transfers. Forty‑four percent of providers now offer credit, about one‑third provide savings products and 28 percent offer insurance. In Ghana, MTN reported that advanced services such as payments, savings, loans, remittances and insurance grew by 82.8 percent in 2024, outpacing 45.2 percent growth in withdrawals and 44.6 percent in transfers.
Despite this progress, a gender gap persists. Women remain under‑represented in eight of 12 surveyed markets, hampered by low digital literacy and limited awareness. Nearly 60 percent of providers are rolling out digital financial literacy programmes to close this divide, recognising that once women obtain mobile wallets they use them as actively as men.
As mobile money continues to reshape economies, sustaining its momentum will depend on deepening advanced service offerings and closing the gender gap. Empowering women through targeted literacy initiatives and broadening credit and savings options can help ensure that the benefits of digital finance reach every segment of society.
