Africa has solidified its position as the global leader in mobile payments, contributing an impressive $190 billion to its GDP in 2024, according to the GSMA’s *State of the Industry Report on Mobile Money 2025*. The continent accounted for 53% of global mobile money accounts and processed over $1 trillion in transactions last year, showcasing its robust and mature digital payment ecosystem.
The report highlights Africa’s dominance in mobile money adoption, with 1.1 billion registered accounts out of a global total of 2 billion. This milestone was achieved in less than two decades, with the second billion accounts added in just five years—twice as fast as the first.
Africans are not only registering accounts but actively using them. Monthly active users reached 283 million in 2024, accounting for more than half of the global total. The continent processed $1.1 trillion of the $1.68 trillion transacted globally through mobile money platforms last year.
Mobile money has become a cornerstone of Africa’s economy, contributing $190 billion to Sub-Saharan Africa’s GDP—a $40 billion increase from the previous year. In countries like Kenya, Uganda, and Tanzania, mobile money contributes between 5% and 8% of GDP, a level of integration unmatched globally.
East Africa continues to lead the way, with Kenya boasting a mobile money penetration rate of 95% among adults. Ethiopia is emerging as a key player following market liberalization in 2021. Safaricom’s M-Pesa Ethiopia reached 4.5 million customers by December 2023, while Telebirr onboarded 32 million users through government partnerships.
West Africa is also gaining ground. Nigeria saw a 20% year-on-year growth in mobile money transactions despite initial regulatory hurdles. Ghana’s interoperability project processed over $50 billion in transactions in 2023, while Senegal achieved 90% market penetration through Wave’s disruptive model.
Africa’s agent network has doubled since 2021, with 755 registered agents per 100,000 adults ensuring access to digital financial services even in rural areas. Ecosystem transactions—such as merchant payments and bill settlements—are growing faster than person-to-person transfers. Africans paid over $100 billion to merchants via mobile money last year, a 21% increase from 2023.
Emerging innovations include cross-border transactions like Mozambique’s mKesh partnership with Tanzania and expanded credit offerings from mobile money providers. Micro-loans and overdraft products are expected to drive further growth across the continent.
Despite its success, Africa faces challenges such as regulatory hurdles and gender inclusion disparities. However, progress is being made; once women open mobile money accounts, their usage rates nearly match those of men.
Experts emphasize the need for policy reforms to unlock further growth. “Innovation needs regulatory sandboxes,” said Reenu Verma of Vodacom M-Pesa during the report’s webinar launch. Governments like Togo have already lowered taxes on mobile money transfers to encourage adoption.
