Africa Processed $1 Trillion in Mobile Money Transactions,65% of the Global Total

Mobile money has emerged as a transformative force in Africa, evolving from a tool for financial inclusion to a cornerstone of economic infrastructure. According to the GSMA’s 2025 State of the Industry Report, Sub-Saharan Africa processed $1.1 trillion in mobile money transactions in 2024, accounting for over 65% of the global total. This surge reflects not only the ubiquity of mobile wallets but also their integration into daily economic activities, from merchant payments to credit and remittances. Notably, services like M-PESA have become significant revenue drivers, contributing 42% to Safaricom’s annual income.

The widespread adoption of mobile money has had a profound impact on Africa’s economic landscape. The GSMA report highlights that, by the end of 2023, the GDP of countries with mobile money services was $720 billion higher than it would have been without them. This underscores mobile money’s role in enhancing financial access and stimulating economic growth. The ecosystem’s expansion into services like savings, credit, and insurance further solidifies its position as a catalyst for economic development.

However, challenges persist, particularly regarding inclusivity. The GSMA report notes a persistent gender gap in mobile money usage across eight of the twelve surveyed African countries, with Nigeria and Ethiopia exhibiting notably lower mobile account ownership among women. Addressing these disparities is crucial for ensuring equitable access to financial services.

To bridge these gaps, nearly 60% of mobile money providers are investing in digital skills initiatives aimed at enhancing user engagement and financial literacy. These efforts are vital for empowering underserved populations, particularly women, to fully participate in the digital economy. As the mobile money ecosystem matures, fostering partnerships among mobile operators, banks, and technology firms will be essential for delivering innovative services and sustaining growth.

Source: GSMA