What began as a simple way to send money has transformed into a powerful engine of financial inclusion. Mobile money now connects millions to the formal economy, especially in regions where banking access remains limited. By 2025, the industry crossed a landmark $2 trillion in global transactions, with Sub-Saharan Africa at the heart of this transformation
According to the GSMA’s State of the Industry Report on Mobile Money, reaching $2 trillion in annual transaction values marks a remarkable acceleration. It took the industry 20 years to surpass the first trillion dollars, yet only four more years to double that figure. This exponential growth reflects not only broader adoption but also the increasing sophistication of mobile money services, which now encompass a full ecosystem of financial tools beyond simple transfers.
“The market is reaching new heights and greater maturity. Adoption and regular use are surging, and value is scaling even faster than volume, with more than $2 trillion flowing through mobile money in 2025; doubling from the first trillion in just four years,” said Vivek Badrinath, director general at GSMA.
The report highlights sub-Saharan Africa as the primary driver of this expansion. In 2025, there were 2.3 billion registered mobile money accounts worldwide, representing an increase of 268 million accounts in a single year, the largest annual growth recorded to date. sub-Saharan Africa accounted for more than two-thirds of this growth, while East Asia and the Pacific contributed 15 percent , and South Asia 12 percent.
Beyond registrations, engagement is also rising. Active 30-day accounts, those used at least once a month reached 593 million, a 15 percent increase from 2024, adding 77 million new monthly users. East Africa led this pack, contributing nearly half of new active accounts, followed by West Africa, Southeast Asia, and South Asia.
Despite this progress, a significant usage gap persists. The report notes that 75 percent of registered accounts remain inactive on a monthly basis, highlighting ongoing structural challenges. Persistent fraud concerns and the imposition of transaction taxes in some markets continue to discourage digital usage, often pushing users back toward cash-based transactions.
Agents and the digital cash network
Mobile money agents remain central to the ecosystem, bridging the gap between digital finance and cash-based economies. In 2025, there were 30 million registered agents, 16 percent more than the previous year, with 11 million active monthly. East Africa drove over half of this agent activity growth, followed by Central Africa (13%), West Africa (10%), South Asia (9%), and Southeast Asia (9%). This agent network continues to facilitate the digitisation of cash, enabling millions to participate in the financial system.
Expanding financial health through adjacent services
Mobile money is increasingly linked to credit, savings, and insurance services, which allow users to better manage daily finances, withstand economic shocks, and plan for the future. In 2025, the number of providers offering insurance increased by one-third, while credit and savings services remained widely available.
“Mobile money usage is not just about transfers—it is about improving financial health and expanding economic opportunity,” the report notes.
The platform also supports humanitarian and social initiatives, enabling rapid payouts during crises, particularly in remote regions. Complementing this growth with digital financial literacy programs is essential for sustainable, responsible adoption across populations.
Regulation: Unlocking further inclusion
Regulatory frameworks have been critical in enabling mobile money’s expansion. Over 60 percent of providers reported that regulations on interoperability, know-your-customer (KYC), and consumer protection have supported their operations. However, challenges remain, particularly with cross-border data transfer, which 24 percent of providers cited as a hindrance.
The GSMA also notes that regulation will be crucial for expanding financial inclusion, particularly for women, who remain underrepresented in mobile money ownership. In seven out of ten countries surveyed, women are less likely than men to own or actively use mobile money accounts, with notable exceptions in Ghana, Kenya, and Nigeria. Addressing these gaps is vital to ensure that the benefits of mobile money reach all segments of the population.
Looking ahead
The GSMA report underscores that mobile money is entering a new phase of scale and sophistication. The industry’s trajectory presents both opportunities and responsibilities, including advancing interoperability, strengthening consumer protections, tackling fraud, and promoting women’s inclusion.
“By prioritising these areas, we can ensure mobile money continues to provide safe, inclusive, and sustainable digital financial services,” Badrinath said.
