The Global System for Mobile Communications Association (GSMA) has revealed that over $1.68 trillion flowed through mobile money accounts globally in 2024, demonstrating the growing role of digital finance in facilitating financial inclusion and economic activity across the world.
According to the State of the Industry Report on Mobile Money 2025 released on Tuesday, mobile money services processed approximately 108 billion transactions in 2024 alone, representing a 20% increase in transaction volume compared to 2023. This marks yet another year of sustained double-digit growth for the mobile money industry.
The report also indicates that transaction values grew by 15% to reach $227 billion in 2024, up from a 13% growth rate recorded the previous year.
Notably, peer-to-peer (P2P) transfers were identified as the leading driver of this growth, contributing nearly half of the total increase.
Additionally, interoperable transactions, which allow transfers between different mobile money platforms or providers, accounted for 23% of the rise.
GSMA noted a key trend: the growth rate of transaction volumes has consistently outpaced the growth in transaction values for the third consecutive year.
Consequently, the average value of a mobile money transaction per active 30-day account declined slightly by 4% in 2024.
Despite the dip in transaction size, user engagement with mobile money platforms continued to deepen.
The average active 30-day mobile money account saw an increase of 4% in the total amount transacted and an 8% rise in the frequency of transactions compared to 2023. This suggests that more people are relying on mobile money for smaller, more frequent transactions in their daily lives.
What this means for the global economy
According to the report, “The mobile money industry continues to drive financial inclusion. In December 2024, 21 out of every 100 adults in countries with a mobile money service used a mobile money account in the preceding three months.”
The surge in mobile money usage reflects an ongoing shift towards digital financial services, particularly in emerging markets where traditional banking infrastructure remains limited. With more individuals and businesses embracing mobile money for day-to-day transactions, remittances, bill payments, and savings, the ecosystem continues to mature and expand in scope.
According to Vivek Badrinath, the Director General of GSMA, “at the end of 2023, the total GDP of countries with mobile money services was $720 billion higher than it would have been without mobile money.”
The report also noted that while Sub-Saharan Africa maintained its position as the most active mobile money region globally, the East Asia-Pacific region was also demonstrating significant progress.
