The global mobile money industry crossed a historic threshold in 2025, with more than $2.1 trillion flowing through mobile wallets in a single year. According to the GSMA’s State of the Industry Report on Mobile Money 2026, the sector doubled its annual transaction value in just four years, having taken two decades to reach its first trillion.
This explosive growth signals a fundamental shift in how hundreds of millions of people, particularly in emerging economies, manage their financial lives. “What began as a simple way to move money has evolved into a global financial ecosystem, reshaping how hundreds of millions of people manage their financial lives,” said Vivek Badrinath, GSMA Director General.
The report, now in its fourteenth edition, reveals that the number of registered mobile money accounts worldwide reached 2.3 billion in 2025, an increase of 268 million – the largest annual jump in absolute terms. More importantly, regular usage is surging. Active 30-day accounts rose by 15 percent to 593 million, pushing the global monthly activity rate to 25.7 percent, its highest level since 2021.
Sub-Saharan Africa continues to dominate the mobile money landscape, accounting for over two-thirds of new registered and active accounts in 2025. East Africa remains the leader in both volume and value, driven by massive adoption of merchant payments and integrated services, while West Africa saw transaction value jump by 34 percent to nearly $500 billion.
Major operators highlight the staggering scale of the business. MTN MoMo alone processed more than half a trillion dollars in 2025. Safaricom’s M-Pesa generated $1.2 billion in revenue from 37.1 million users in Kenya and Ethiopia, while Vodacom processed $450.8 billion in transactions across its platforms in eight markets.
The way people use mobile money is evolving beyond basic peer-to-peer transfers. Merchant payments emerged as the fastest-growing use case in 2025, rising by 42 percent to $155 billion and surpassing bulk disbursements to become the highest-value ecosystem transaction. This shift proves mobile money has become the preferred daily payment tool for many.
Simultaneously, the ecosystem is becoming more interconnected. Bank-to-mobile transfers reached $167 billion, while mobile-to-bank transfers hit $163 billion, each growing by more than a third compared to 2024, drastically reducing reliance on cash.
Providers are increasingly focusing on financial health rather than just access. The number of providers offering insurance increased by one-third in 2025, while savings and credit services also expanded. Nearly 80 percent of surveyed providers reported a profit in 2025, supported by a 15 percent rise in average revenue per user.
Despite the record figures, significant challenges remain. Nearly 75 percent of registered accounts are inactive monthly, with fraud remaining widespread and transaction taxes in some countries encouraging users to revert to cash. The report warns that taxes on mobile money transactions can be regressive, hitting low-income households hardest and undermining financial inclusion gains.
The gender gap also persists. Across most surveyed countries, women are less likely than men to own or actively use a mobile money account. In Pakistan, the gender gap stands at a staggering 63 percent, with only 13 percent of women owning an account. However, there are signs of progress; Nigeria saw its gender gap drop sharply from 41 percent in 2024 to 25 percent in 2025.
The report emphasizes that the industry’s growing scale brings both new opportunities and responsibilities. Key priorities include advancing interoperability and cross-border harmonisation, strengthening consumer protection, and accelerating women’s financial inclusion. With supportive regulation and targeted interventions, mobile money is poised to continue its role as a cornerstone of financial inclusion and digital innovation across the globe.
