Mobile Money Surpasses Two Billion Registered Accounts Worldwide

Mobile Money Surpasses Two Billion Registered Accounts

Mobile money has reached a remarkable achievement in 2024 by exceeding two billion registered accounts globally. Additionally, it boasts over 500 million active monthly users, indicating a significant evolution in how financial transactions are conducted worldwide. This information comes from the latest GSMA Mobile Money Programme's State of the Industry Report 2025, which highlights the impressive growth of the sector over the past few years.

In just five years, mobile money has doubled its size; it took the industry 18 years to reach one billion registered accounts and 250 million active users. The mobile money ecosystem processed approximately 108 billion transactions in 2024, translating to a total value of $1.68 trillion. Notably, transaction volumes grew by 20%, while the value of transactions increased 16%, showcasing the robust resilience and expansion of this essential financial service.

Vivek Badrinath, the Director General of GSMA, emphasized that mobile money is a powerful catalyst for financial inclusion and economic growth. He remarked that the ongoing success of this sector relies heavily on regulatory environments that foster innovation and accessibility. Badrinath underlined the importance of collaboration between governments, regulatory bodies, and financial service providers to ensure mobile money remains accessible, affordable, and secure. He urged the importance of supporting financial literacy programs aimed at underserved populations, thus unlocking new financial opportunities.

The impact of mobile money extends far beyond mere convenience. For instance, in 2023, countries with active mobile money services witnessed a staggering $720 billion increase in their GDP, representing a 1.7% growth rate. Particularly in Sub-Saharan Africa, mobile money contributed around $190 billion to the region's GDP that same year, highlighting its role as a cornerstone of economic development.

Sub-Saharan Africa continues to lead the world in mobile money services, witnessing a surge in registered accounts. East Africa set the pace for active account growth in 2024, closely followed by Southeast Asia and West Africa. East Asia and the Pacific region also showed promising growth, especially in countries such as Cambodia, Fiji, the Philippines, and Vietnam. This growth was largely propelled by regulatory frameworks that facilitate mobile money services.

Moreover, numerous providers in East Asia and the Pacific have evolved into comprehensive financial platforms, offering an array of products beyond basic mobile transactions. By June 2024, 44% of these providers started offering credit services, marking it as the most common adjacent financial product available to users.

Despite these advancements, challenges still remain, particularly concerning gender disparities in mobile money usage. Amongst the 12 countries surveyed, eight reported significant gaps in mobile money ownership between men and women. Key barriers include low awareness and financial literacy, which disproportionately affect women. In response, nearly 60% of mobile money providers are now launching digital literacy initiatives to encourage broader adoption and help close the gender gap.

As mobile money continues to transform the financial landscape, its future will rely on overcoming these hurdles. The emphasis on education, accessibility, and collaboration between stakeholders is crucial for unlocking the full potential of mobile finance across diverse populations worldwide. The way forward is clear: the expansion of mobile money not only enhances individual financial capabilities but also strengthens entire economies.

To explore the complete press release and dive deeper into the insights, visit GSMA's press page.