“Over the past two decades, mobile money has evolved from a tool for financial inclusion into a thriving industry with vast business potential. No longer just a means to store and remotely access funds, it now represents a dynamic market poised for significant growth in the years ahead.”

"The growth of the mobile money industry is fuelling the shift to digital transactions, resulting in more cash remaining in the digital ecosystem. Declining average transaction values indicates that users are making smaller, more frequent mobile money payments, demonstrating deepening digitisation and the importance of mobile money in users’ everyday lives."

“For the first time, we have an idea of the mobile money industry’s size. Our calculations found that revenue is likely to be over $6 billion for the top mobile money providers as of mid-2024. This shows that mobile money is now an integral business for several mobile network operators.”