State of the Industry Report

State of the Industry Report
on Mobile Money

2024

The industry’s definitive source of data on digital finance with unparalleled insights from exclusive supply-side data.

Cutting edge industry insights

After two decades of remarkable expansion, mobile money is a widely used financial service that features in the day-to-day lives of many. For millions of people around the world, it remains a reliable way to buy goods and services, send money to loved ones at home and abroad, purchase health insurance, and more. We now know that mobile money adoption and use boosts the economic growth of entire countries too.

As the rapid expansion of mobile money accounts eases, the industry is beginning to show signs of maturity that reflect its natural evolution over time. Today, more money and more transactions flow through mobile wallets than ever before, bringing a range of financial products into the hands of hundreds of millions of users and disrupting traditional financial services.

+ $600 bn

Mobile money’s estimated contribution to GDP by 2022.

Based on data collected between 2013 and 2022, the total GDP in countries with a mobile money service (“mobile money countries”) was almost 1.5% higher than it would have been without mobile money.

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*The State of the Industry Report on Mobile Money 2021 is based on data collected from the Global Adoption Survey 2020. The title of the report has been updated to reflect the launch date.

“Mobile money is not just about financial inclusion anymore, it is truly driving businesses and contributing to economies. Over the past 20 years we have seen incredible growth across the ecosystem, but if the numbers are anything to go by, I am even more excited about what the next 20 years hold in store. As we look to the future, mobile money holds incredible potential to build stronger, more resilient economies across the world.”

Mats Granryd

DIRECTOR GENERAL GSMA

“Mobile money has demonstrated its potential to transform economies and societies, driving financial inclusion and sustainable development worldwide. As the industry has started to mature, it is also clear that mobile money offers a sound commercial proposition. Between 2022 and 2023 the average revenue per user rose 40% validating the recent investment that the industry has seen. To ensure mobile money remains safe, accessible, and affordable, there is a clear need for governments and regulators to work with financial service providers to launch financial literacy programmes that can empower underserved populations and improve their financial decision-making.”

Ashley Olson Onyango

Head of Financial Inclusion and Agritech

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Mobile money offers over a billion people access to the formal economy, driving financial inclusion and enabling people to invest in their families and livelihoods. Mobile money plays a central role in the mobile industry’s contribution to many of the UN Sustainable Development Goals.

THE GSMA MOBILE MONEY PROGRAMME IS FUNDED BY THE BILL AND MELINDA GATES FOUNDATION, AND IS SUPPORTED BY THE GSMA AND ITS MEMBERS.