The global mobile money industry processed a staggering $1.68 trillion in transactions in 2024, underscoring the growing importance of digital financial services in driving economic activity and financial inclusion worldwide. This was revealed in the State of the Industry Report on Mobile Money 2025 released by the Global System for Mobile Communications Association (GSMA) on Tuesday.
According to the report, mobile money services recorded approximately 108 billion transactions last year, marking a 20% increase in transaction volume compared to 2023. This sustained double-digit growth highlights the expanding role of mobile money in everyday financial activities.
Peer-to-peer (P2P) transfers emerged as the leading contributor to this surge, accounting for nearly half of the total increase in transaction volume. Additionally, interoperable transactions, those that allow transfers between different mobile money platforms or providers, contributed 23% of the growth.
The report also noted a 15% rise in transaction values, which reached $227 billion in 2024. However, for the third consecutive year, transaction volumes grew faster than transaction values, resulting in a slight 4% decline in the average value per transaction.
Despite this dip, user engagement with mobile money platforms deepened significantly. The average active account (measured over a 30-day period) saw a 4% increase in total amounts transacted and an 8% rise in transaction frequency compared to the previous year. This suggests that users are increasingly relying on mobile money for smaller, more frequent transactions.
The GSMA emphasized the transformative impact of mobile money on financial inclusion, particularly in emerging markets where traditional banking infrastructure remains limited. By December 2024, 21 out of every 100 adults in countries with mobile money services had used an account within the preceding three months.
“Mobile money continues to drive financial inclusion and economic growth,” said Vivek Badrinath, Director General of GSMA. “At the end of 2023, the GDP of countries with mobile money services was $720 billion higher than it would have been without these services.”
Sub-Saharan Africa maintained its position as the most active region for mobile money globally. However, East Asia-Pacific also showed promising growth, reflecting an expanding adoption of digital finance across diverse markets.
With sustained growth and innovation, mobile money is poised to remain a cornerstone of global financial inclusion efforts for years to come.
