5 Key Points about the Mobile Money Market in 2024

As the world keeps advancing steadily into the digital era, mobile money continues to reshape the financial landscape, creating opportunities and driving economic growth and inclusion. In 2024, the mobile money market has not only sustained its growth trajectory but also surpassed expectations in various regions, especially in Africa, MENA and Southeast Asia, where its adoption and usage have skyrocketed. Now, let’s examine the current state of this industry as of mid-2024 analysing the five key points we found out in the latest GSMA report about mobile money.
Women using phone to access the mobile money market

1. Unprecedented Growth in Transaction Value

By January 2024, the global value of mobile money transactions surpassed $1.40 trillion, marking a robust 14% increase from $1.26 trillion the previous year. This significant growth is the consequence of the increasing reliance on mobile money solutions by consumers all over the world, reflecting broader trends in digital transformation and financial inclusion. The convenience, security, and accessibility of mobile money services are key drivers behind this continued expansion, making everyday financial transactions easier for millions of users. The access to digital services and goods in areas with low banking penetration is also key to explain why mobile money has rapidly expanded worldwide.

2. Geographic Expansion: A Closer Look at Emerging Markets

The mobile money sector has seen substantial growth in user base across various regions, with Sub-Saharan Africa, South Asia, and the Middle East and North Africa (MENA) leading the way. In 2024, registered accounts globally grew by an impressive 12%, highlighting the widespread adoption of mobile financial services in these regions. These areas have benefited from innovative business models, a huge growth in awareness and partnerships between telecom operators and other actors of the ecosystem, fostering a fertile ground for mobile money services to flourish.

3. West Africa: The New Powerhouse of Mobile Money

West Africa has emerged as a new powerhouse in the mobile money sector, with registered accounts increasing by 19%, and both transaction volume and value growing by 40% each in 2024. This phenomenal growth can be attributed to several factors, including the expansion of mobile network infrastructure, targeted marketing campaigns by mobile operators, and an increasing range of services being offered via mobile money platforms inclusing digital services, content and goods. West Africa’s leap in mobile money activities reflects a broader shift towards mobile-first financial solutions in the region.

4. Merchant Payments: Solid Growth in Number of Transactions

The use of mobile money for merchant payments has also shown impressive growth, with a 14% increase up to $74 billion in 2024. The average transaction value per active account reached $169, indicating a growing consumer confidence in using mobile money for more significant and diverse purchases. This expansion is largely driven by the integration of mobile money systems with digital platforms and marketplaces, enabling seamless transactions that benefit both consumers and businesses.

5. Economic Impact: Boosting Global GDP

The contribution of mobile money to global GDP is substantial, adding over $600 billion, which represents an increase of 1.5% as of the year before. This impact highlights the crucial role of mobile financial services in stimulating economic activities, especially in low and middle-income countries where traditional banking infrastructures are less developed. Mobile money not only enhances financial inclusion but also stimulates local economies by facilitating faster and safer transactions.

The mobile money market in 2024 continues to be at the forefront of innovation and growth in the financial sector. As technology advances and more players enter the market, the potential for mobile money to further integrate into the global economy is immense. Stakeholders including governments, financial institutions, and mobile operators need to continue fostering an environment that nurtures the growth of mobile money, ensuring that this financial revolution reaches its full potential in enhancing economic inclusivity and empowerment worldwide.


All data comes from GSMA’s annual mobile money report: 2024

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