The global mobile money industry reached a big milestone in 2024, surpassing 2-billion registered accounts and more than half-a-billion active monthly users, according to industry body GSMA’s “State of the Industry Report on Mobile Money 2025”.
The doubling of growth in just five years — after taking 18 years to reach the first 1-billion point — marks a transformative moment for digital financial services and global financial inclusion.
In 2024 alone, mobile money platforms processed about 108-billion transactions totalling more than $1.68-trillion (R21.6-trillion), with transaction volumes up 20% and values increasing 16% year on year.
The data confirms mobile money’s role as a powerful catalyst for economic development, with GSMA saying that mobile money services boosted the GDP of participating countries (countries with mobile money services) by $720bn in 2023.
Sub-Saharan Africa recorded a $190bn GDP boost from mobile money adoption, GSMA said.
“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. East Africa was the leading driver of monthly active account growth in 2024, followed by Southeast Asia and West Africa.”
GSMA said in East Asia-Pacific, mobile money providers had evolved into full-service financial platforms, with nearly half now offering credit and growing numbers offering savings and insurance services.
Cybersecurity risks
Yet, the growth also comes with mounting challenges, particularly in cybersecurity.
In SA, Standard Bank has flagged the growing cybersecurity risks tied to the booming payment systems market. As financial institutions push for greater inclusion, lower transaction costs and faster access through innovations such as real-time payments and cloud-based platforms, the exposure to sophisticated cybercrime is increasing, said the bank.
“The transformation of SA's payment system has been driven by a commitment to financial inclusion. From a regulatory perspective, there’s been a concerted effort to make payments more accessible and cost-effective.
“However, as we push forward with these innovations, it’s essential that we don’t overlook stability,” said Standard Bank CIB SA head of cash management in transaction banking Ontiretse Modise.
According to global payments giant Visa, SA is leading the charge in the adoption and use of digital payments in Africa.
Lineshree Moodley, country head for Visa SA, previously told Business Day that some of SA’s digital payments growth has to do with the various payment methods, such as Apple Pay and Google Pay, now a mainstay in the local economy.
SA has about 500,000 point-of-sale devices in use. The country is home to “a thriving digital payments ecosystem”, with 66% of merchants and 59% of consumers showing a strong preference for card payments, “laying a strong foundation for continued expansion”, according to a recent report by the payments group.
While access continues to expand, challenges remain around gender equity. The GSMA report found a persistent gender gap in mobile money ownership. Though women who do own accounts are just as likely as men to use them, limited awareness and low digital financial literacy continue to hinder uptake. In response, nearly 60% of mobile money providers have launched digital financial literacy programmes, said the report.
“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 socioeconomic 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 programmes, empowering underserved populations and opening new opportunities for financial decision-making.”
With Mudiwa Gavaza
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