Telecom
Global Mobile Money Market Hits $1.4tn in Transaction Value
Mobile money services, particularly in West Africa, have seen exponential growth, with registered accounts doubling over the past decade, according to the 2024 ‘State of the Industry Report on Mobile Money’ prepared by the GSMA.
In 2023, global money transactions increased by 14% year-on-year (YoY), equating to $2.7 million per minute.
The GSMA Mobile Money Programme, supported by the Bill and Melinda Gates Foundation, works to enhance the development of mobile money ecosystems for the underserved.
The 2024 edition finds a 23% YoY increase in transaction volumes, reaching 85 billion annually. Between 2013 and 2022, countries with mobile money services saw a $600 billion higher GDP than those without, equivalent to mobile money increasing GDP by around 1.5%.
However, while both transaction value and volume increased, the rates of growth were slower when compared with 2022, showing that mobile money continues to be used more frequently, but for smaller transactions.
Mobile money is boosting socioeconomic impact
Mobile money boosts financial inclusion and digital access, serving as a catalyst for achieving 15 out of 17 United Nations’ Sustainable Development Goals (SDGs), up from 13 in 2019.
As the mobile money market starts to mature, the use cases are becoming more sophisticated. More providers now offer adjacent financial products, such as credit, savings, and insurance. Credit is the most popular adjacent financial service offered by mobile money providers (MMPs), with a 73% increase in the number of credit products offered YoY
This diversification of use cases is empowering the underserved, including women and rural populations, to save money through mobile money accounts. MMPs tracking disaggregated data found a 98% increase in the cumulative number of unique female customers saving via mobile money, between September 2022 and June 2023.
In addition, increased business adoption of mobile money saw average revenue per user grow from $2.2 in September 2022 to $3.2 in June 2023 – an increase of over 40%.
Mobile money accounts are on the rise
In 2023, global registered mobile money accounts reached 1.75 billion, a 12% increase from 2022. Although the YoY growth rate of registered mobile money accounts is slowing (from 15% in 2022 and 19% in 2021), this reflects the start of the industry’s maturation.
Growth has been pronounced in Sub-Saharan Africa where the share of registered accounts has increased for two consecutive years to 47% in 2023, the highest since 2019. Sub-Saharan Africa accounted for over 70% of the total growth in registered accounts in 2023, with South Asia contributing a fifth.
West Africa becomes mobile money’s powerhouse
West Africa, particularly Nigeria, Ghana, and Senegal has seen a 100% increase in registered accounts from 2013 to 2023, establishing itself as a leader in mobile money adoption.
This growth, driven by enabling regulatory frameworks, has facilitated a shift to digital transactions, underpinned by a surge in international remittances and merchant payments.
For instance, the West African Economic and Monetary Union1 (WAEMU) experienced significant growth in the use of mobile money adding over 110 million new mobile money accounts between 2018 and 2022. In turn boosting financial inclusion from 56% to 71% for a population of over 137 million, with 60% residing in rural areas2.
Significant barriers remain
Barriers to accessing mobile money include low mobile ownership, perceived relevance, digital skills, social norms, and trust levels. Lack of mobile ownership remains the biggest barrier; though the total number of registered mobile money accounts stands at 1.75 billion, a sizeable gender gap remains.
Globally, women are 7% less likely than men to own a phone, this gap in mobile ownership exists in all survey countries, except Kenya.
Beyond addressing individual challenges, an enabling regulatory landscape is crucial for boosting global financial inclusion and mobile money uptake. Taxation remains an important regulatory challenge for many mobile money services.
Mobile money taxation can be a convenient revenue-earning opportunity for many governments in Sub-Saharan Africa. Though, countries including Ghana and Tanzania have experienced the negative effects of taxing mobile money transactions.
Ashley Olson Onyango, Head of Financial Inclusion & AgriTech at GSMA, comments “Mobile money has demonstrated its potential to transform economies and societies, driving financial inclusion and sustainable development worldwide.
As the industry has started to mature, it is also clear that mobile money offers a sound commercial proposition. Between 2022 and 2023 the average revenue per user rose 40% validating the recent investment that the industry has seen.
“To ensure mobile money remains safe, accessible, and affordable, there is a clear need for governments and regulators to work with financial service providers to launch financial literacy programmes that can empower underserved populations and improve their financial decision-making.”
Federal Government of Nigeria through the Ministry of Innovation, Science and Technology (FMIST) has endorsed the first National Science, Technology and Innovation Communication Conference (STICOMMS’25).
The Honourable Minister of Innovation, Science and Technology, Chief Uche Nnaji expressed his Ministry’s interest and endorsement describing it as a unique conference and first of its kind.
Chief Nnaji further assured the organizers – African University of Science and Technology (AUST) and partners led by the AUST President, Prof. Azikiwe Peter Onwualu, FAS and STICOMMS’25 local organizing committee (LOC), that the Ministry will collaborate with them to achieve the desired goals of the conference, adding that the conference is coming at the right time when the ministry is working tirelessly to promote Research and Innovation outputs from various research agencies.
The Minister also pledged to deploy two senior staff of the Ministry to join the LOC to ensure full representation of the Ministry in the planning and participation in the conference.
Earlier, the President of the African University of Science and Technology (AUST), Abuja, Prof. Azikiwe Peter Onwualu, FAS who led the STICOMMS’25 LOC on a visit to the Honourable Minister, highlighted that the purpose of the visit was to seek the Ministry’s support for the forthcoming 1st National Conference on Science, Technology, and Innovation Communication (STICOMMS 2025), scheduled for October 21–23, 2025, at AUST.
During the engagement, the AUST President highlighted areas of collaboration, which includes: Endorsement of the conference by the Honourable Minister; Delivery of a Keynote Address at the opening session; nomination and sponsorship of Ministry staff, alongside showcasing selected innovations.
Others are: Mobilization of the Research Agencies under the Ministry to participate actively; and Featuring the Ministry’s profiles and achievements in the official conference programme.
No doubt, the visit opens a way forward to a fruitful partnership with the Ministry and its agencies in working together to advance the communication of science, technology, and innovation for national development.
The traditional ground-based cellular towers may start dying by instalment in the next two years, due largely to Elon Musk’s SpaceX of acquisition of mobile frequencies of EchoStar, a US based firm for $17 billion.
Subject to affordability and availability, the move could be disruptive as it is intended to accelerate the development of “direct-to-cell” technology, which enables mobile phones to connect directly to satellites without relying on ground-based cellular towers.
Cell Phone Towers (also called Base Stations), have electronic equipment and antennas that send and receive signals to and from cell phones.
Antennas may be attached to free-standing towers or structures or may be mounted on non-tower structures such as building rooftops, billboards or church steeples.
But the Direct-to-Cell technology, primarily driven by Starlink, allows smartphones and IoT devices to communicate directly with low Earth orbit (LEO) satellites.
This innovative approach eliminates the need for traditional cell towers, enabling connectivity in areas where cellular service is limited or non-existent.
The technology is designed to work with existing LTE and 5G smartphones, requiring no additional hardware or applications.
According to Gwynne Shotwell, president and COO of SpaceX, “In this next chapter […] SpaceX will develop next generation Starlink Direct to Cell satellites, which will have a step change in performance and enable us to enhance coverage for customers wherever they are in the world.”
Shotwell, added that the first Starlink satellites with direct-to-cell capabilities have already connected millions of people in critical moments—during natural disasters, to reach emergency services or loved ones, or when they were off-grid.
National Agency for Science and Engineering Infrastructure (NASENI) and the Nigerians in Diaspora Commission (NiDCOM) are working closely to explore new ways of building innovations and technology, using the expertise and skills of Nigerians living in the diaspora, as well as those at home.
L-R: Special Assistant to the EVC on Foreign Relations, Dr. Mohammed Dahiru; Chairman/CEO, NiDCOM, Hon. Abike Dabiri-Erewa; Executive Vice Chairman/CEO, NASENI, Khalil Suleiman Halilu and another official of NIDCOM during the visit yesterday.
The Executive Vice Chairman/CEO, NASENI, Khalil Suleiman Halilu and the Chairman/CEO, NiDCOM, Hon. Abike Dabiri-Erewa, during a strategic meeting at NIDCOM headquarters described this collaboration as a “timely intervention”, noting that it will help connect Nigeria’s local innovators with scientists, engineers, technologists, and entrepreneurs in the Diaspora.
Mr. Halilu, highlighted NASENI’s key projects, including Revolut, a payment platform already serving thousands of Nigerians with low-cost, real-time transfers; the Innovation Hub and Incubation Programme, which funds Nigerian scientists and innovators, both in home and diaspora; and Delta-2, a partnership with the Czech Republic entering its third phase this September to bring new technology and international collaboration to Nigeria.
Halilu said his visit to NiDCOM was to present two key projects: a government-backed payment platform, similar to Revolut, designed to be seamless, flexible, multi-currency, and to provide real-time monitoring at affordable rates, while the second project aims to engage Nigerians in the Diaspora, particularly in science, technology, innovation, and entrepreneurship, to develop practical projects that can grow the economy.
While commending Dabiri-Erewa, the NASENI CEO added that NiDCOM’s database of professionals would play an essential role towards this course.
She asserted that the partnership will foster opportunities for Nigerians everywhere to work together for Nigeria’s progress; through sharing ideas, skills, and experiences that can help build a stronger, more innovative Nigeria, especially under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Dabiri-Erewa lauded the works done by the Agency. She assured that the Commission will give them the relevant support needed, while suggesting the NASENI team to participate at the 8th Nigeria Diaspora Investment it (NDIS), to be held from November 11-13, 2025 in Abuja.
Both NiDCOM and NASENI also agreed to set up a joint working committee to streamline areas of collaboration and design projects focused on science, technology, engineering, and mathematics (STEM), alongside wider Diaspora engagement.
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