Global mobile money accounts exceed two billion with transaction values reaching $1.6 trillion

Technology, particularly mobile telecommunication has deepened financial inclusion around the world as more than two billion mobile money accounts have been recorded globally as at the end of 2024 with transaction values reaching $1.6 trillion, according to a new report by GSMA, the global organisation unifying the mobile ecosystem.

The report titled ‘State of the Industry Report on Mobile Money 2025’, and copied to Ghana Business News, says mobile money reached two significant milestones in 2024, surpassing two billion registered accounts and over half a billion active monthly users across the globe.

“The industry took 18 years to achieve one billion registered accounts and 250 million active users from 2001, but doubled in size in the following five years,” the report says.

According to the report, transaction volumes and values for mobile money accounts experienced robust double-digit growth in 2024, noting that, approximately 108 billion transactions, totalling over $1.68 trillion, were processed through mobile money accounts in 2024.

“Year-on-year, transaction volumes increased by 20%, while transaction values grew by 16%, up from a 13% increase in 2023,” it stated.

Commenting on the report, Vivek Badrinath, GSMA Director General says: “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.”

The report further found that mobile money continues to play a key role in economic development, stating that by the end of 2023, the total GDP of countries with mobile money services was over $720 billion higher than it would have been without them, reflecting a 1.7% increase in GDP driven by mobile money.

For instance, the report found that in sub-Saharan Africa alone, year-on-year, mobile money added around $190 billion to GDP in 2023, demonstrating its sustained economic influence.

The report also noted that sub-Saharan Africa remains the world’s most active mobile money region, driven by new registered accounts and rising monthly activity in East and West Africa.

The report found that mobile money had a greater impact on the GDP of West African countries than elsewhere on the continent.

“This is evident when comparing countries in Sub-Saharan Africa. In Benin, Côte d’Ivoire, Ghana, Guinea, Guinea Bissau, Senegal and Liberia, mobile money contributed more than 5% to GDP. In East Africa, mobile money contributed more than 5% to the GDPs of Kenya, Rwanda, Uganda and Tanzania,” it said.

Elsewhere in Sub-Saharan Africa, mobile money’s contribution to GDP has been mixed. In Central Africa, Cameroon, Congo and Gabon each saw a contribution between 5% and 8%. In Southern

Africa, where mobile money is less established, contributions to GDP generally remain lower than 5%. As mobile money use grows across Sub-Saharan Africa, its impact on national GDP may also rise over time.

“East Africa was the leading driver of monthly active account growth in 2024, followed by Southeast Asia and West Africa,” it said.

On East Asia-Pacific, the report found that the region has also made notable strides, recording the second-fastest growth rate for active monthly accounts, only behind the Middle East and North Africa.

It stated that, notably, the region saw active 30-day accounts grow faster than registered accounts, supported by enabling regulatory environments in markets including Cambodia, Fiji, the Philippines and Vietnam.

By Emmanuel K Dogbevi

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