Mobile Money Crosses Two Billion Accounts and $1.68 Trillion in Value — Report

The global mobile money industry recorded over two billion registered accounts and processed transactions exceeding $1.68 trillion in 2024, according to the GSMA’s annual report released on Tuesday.

The report revealed that transaction activity rose as 108 billion mobile money transactions were completed across registered platforms.

Transaction volumes expanded by 20 percent while the total value increased by 16 percent due to the sustained growth in digital financial activity in both developed and emerging economies.

GSMA attributed the surge to growing adoption across underserved regions, particularly in Sub-Saharan Africa, Southeast Asia and the East Asia-Pacific corridor.

East Africa remained the most active region, followed closely by West Africa and Southeast Asia.

Mobile money’s footprint in countries like Cambodia, Vietnam and the Philippines has expanded due to supportive regulations and improved digital infrastructure.

In a statement accompanying the report, GSMA Director General Vivek Badrinath said mobile money continues to act as a critical tool for expanding financial access.

He said its long-term success depends on regulatory cooperation and efforts to reduce digital exclusion.

To maintain accessibility and affordability, governments and regulators were urged to invest in financial literacy and promote innovations that benefit low-income and rural populations.

GSMA noted that more than half of mobile money service providers now implement digital literacy programs with a growing number offering credit and microfinance products.

The report also disclosed that mobile money’s contribution to GDP rose by 1.7 percent to $720 billion globally by 2023.

Sub-Saharan Africa accounted for $190 billion of that figure showing the continent’s leadership in leveraging mobile platforms to drive economic inclusion.

In the East Asia-Pacific region, 44 percent of providers now offer credit services, signaling an industry shift toward broader financial solutions beyond peer-to-peer transfers and bill payments.

With over 500 million monthly active users and accelerated adoption over the last five years, GSMA believes the mobile money industry will continue to expand its economic footprint if policy and technology frameworks keep pace with demand.

The report concludes that mobile money has moved beyond simple payments and is now central to economic resilience, particularly in regions lacking traditional financial infrastructure.