GSMA – Mobile Money, 2024

In the past two decades, mobile money services have experienced tremendous growth, providing financial inclusion for billions of people and creating opportunities for entrepreneurs and small businesses worldwide. With 1.75 billion registered accounts processing $1.4 trillion annually, the industry has seen significant success, particularly in Sub-Saharan Africa, where nearly three-quarters of the global accounts are located. West Africa has emerged as a key player, with the number of registered accounts doubling between 2013 and 2023. Mobile money has contributed $600 billion to the GDP of countries with mobile money services, with use cases evolving beyond basic transactions to include international remittances and merchant payments. Average revenue per user has increased by 40%, demonstrating the commercial potential of mobile financial services. Mobile money is also a key driver of the United Nations Sustainable Development Goals, contributing to 15 of the 17 goals. As the industry continues to mature and evolve, it presents opportunities for individuals, businesses, and economies worldwide. The report highlights the growth of the industry and the potential for driving financial inclusion and building stronger, more resilient economies in the future.