The number of mobile money users in emerging markets is set to rise to 2.2 billion by 2030, according to a new study by Juniper Research, a global tech research firm.
The forecast highlights an expected addition of over 370 million users between 2026 and 2030, underscoring the growing role of mobile financial services in expanding financial inclusion.
The research points to the rapid adoption of open platforms and application programming interfaces (APIs) as a key driver of this growth. By enabling seamless integration with banks, fintechs, and other service providers, mobile money platforms are evolving beyond basic person-to-person (P2P) transfers into more sophisticated financial ecosystems. These developments are unlocking a wider range of services, including mobile microloans, microinsurance, savings, and Buy Now, Pay Later schemes.
Juniper Research noted that expanding interoperability between mobile money platforms is central to improving access for low- and middle-income populations. “Advancements in the technology layer are allowing vendors to move beyond siloed systems and integrate into the wider financial ecosystem, driving mobile money from basic services to more advanced banking-like capabilities,” the report said.
Open APIs are driving this transformation. A GSMA research shows that around two-thirds of mobile money providers now offer open APIs to third parties, allowing faster integration with developers, fintechs, and other service providers. For consumers, this creates smoother access to a wide range of financial services—credit, insurance, utility payments, and merchant transactions all within a single digital ecosystem. For operators, these open platforms boost innovation, expand partner networks, and open up new revenue streams.
Operators such as MTN Mobile Money in Africa have already demonstrated the commercial potential of open platforms, reporting substantial engagement from developers and a growth in partner-driven services following the launch of public APIs.
Jawad Jahan, research analyst at Juniper Research, emphasised the critical importance of this transition: “As smartphone penetration rises, mobile money is evolving from simple USSD-based P2P transfers into fully-fledged financial super apps. Open APIs will be critical in connecting these services, enabling seamless embedded finance, and unlocking the next wave of digital financial inclusion. Platforms failing to enable this transition will be rapidly left behind.”
The report recommends that mobile money providers prioritise the development of open API ecosystems and strengthen partnerships with banks, agent networks, retailers, and technology providers. Such collaborations, Juniper Research argues, are essential for positioning mobile money platforms to meet changing market demands and drive sustained growth across emerging economies.
