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Mobile money transactions hit $1.68tr, add $190b to SSA GDPs - THE GUARDIAN
By Adeyemi Adepetun
The Global System for Mobile Telecommunications Association (GSMA) has disclosed that mobile money platforms processed about 108 billion transactions valued at $1.68 trillion in 2024.
GSMA in the ‘State of the Industry Report on Mobile Money 2025’ released yesterday noted that mobile money transaction volumes increased by 20 per cent year-on-year, while transaction values grew by 16 per cent, up from a 13 per cent increase in 2023.
It revealed that transaction volumes and values for mobile money accounts experienced robust double-digit growth in the year under review, saying about 108 billion transactions, totaling over $1.68 trillion, were processed through mobile money accounts in 2024.
Director-General of GSMA, Vivek Badrinath, said mobile money has emerged as a powerful driver of financial inclusion and economic growth.
“Its continued success depends on supportive regulatory environments that promote innovation, accessibility and help unlock the full socio-economic potential.
“To ensure mobile money remains accessible, affordable, and safe, it is vital for governments and regulators to work with financial service providers to support financial literacy programs, empowering underserved populations and opening new opportunities for financial decision-making,” he said.
The report stated that the GDP of countries with mobile money services increased by approximately $720 billion by 2023, reflecting a 1.7 per cent increase. In Sub-Saharan Africa, mobile money added about $190 billion to the GDP in the same year.
“The region remains the leader in mobile money, with active accounts increasing notably in East and West Africa. East Africa was highlighted for its growth in active accounts in 2024, followed by Southeast Asia and West Africa. Countries in the East Asia-Pacific, including Cambodia, Fiji, the Philippines, and Vietnam, also demonstrated growth, attributed to favorable regulatory conditions,” the report noted.
GSMA noted that mobile money providers in East Asia-Pacific have evolved to offer comprehensive financial services, with 44 percent providing credit services by June 2024. However, challenges persist, particularly for women, as eight of the 12 surveyed countries reported disparities in mobile money ownership based on gender.
“Nearly 60 per cent of mobile money providers are addressing these gaps by implementing digital literacy initiatives,” the report said.
