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Global Mobile Money Market Hits $1.4tn in Transaction Value



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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.”

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Layer3 Implements World-Class Upgrade for WACREN Cloud Infrastructure



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Layer3 has announced the successful implementation of a state-of-the-art private cloud infrastructure for the West and Central African Research and Education Network (WACREN). This pivotal project, hosted in Nigeria, is supported by the AfricaConnect3 project, co-funded by the European Commission.

Layer3 was selected for this prestigious project after an international bidding and tendering process. The newly established private cloud infrastructure will serve universities, research and education networks across the region, providing a robust, secure, and scalable platform designed to meet the unique needs of the academic and research community.

Key features of the cloud infrastructure include its high performance and scalability, engineered to handle large-scale data and computational needs, ensuring seamless scalability as demand increases. The platform also incorporates cutting-edge security protocols to ensure high-level data protection and integrity.

Other features in this state-of-the-art infrastructure include:

  • Reliability and Redundancy: Equipped with multiple layers of redundancy and failover mechanisms to guarantee high availability and minimal downtime.
  • Customizable Solutions: Offers tailored services adaptable to specific institutional requirements, supporting a diverse range of academic and research activities.
  • Ease of Integration: Facilitates seamless integration with existing IT environments and other cloud services, enhancing operational efficiency.

This world-class private cloud infrastructure is a significant milestone for the educational and research sector in West and Central Africa. By providing a dedicated and sophisticated cloud environment, the project will:

  • enhance research capabilities as researchers and educators will have access to powerful computational resources and collaborative tools, to facilitate groundbreaking research and innovation that will ultimately lead to development in the region
  • improve educational outcomes as universities can leverage the cloud platform to offer more dynamic and interactive learning experiences.
  • boost regional collaboration: The cloud infrastructure will enable regional research collaboration as researchers in different institutions in different countries can work on joint research projects and educational programs.
  • drive digital transformation: By adopting cutting-edge cloud technology, institutions can accelerate their digital transformation journeys and stay competitive in the global education landscape.

“We are honored to have been selected by WACREN and the AfricaConnect3 project for this transformative initiative. Our team is excited to have delivered this world-class cloud infrastructure that will empower the educational and research community in West and Central Africa, driving innovation and excellence. This project underscores our commitment to providing top-tier IT solutions that support academic and research excellence.” said Layer3 CEO, Oyaje Idoko.

According to WACREN CEO, Dr. Boubakar Barry, “This WACREN Cloud upgrade marks a significant step forward for us as it will enhance our capacity to serve national research and education networks (NRENs) and their communities across our region.

“We will leverage the capabilities of this new cluster to drive our suite of community-driven platforms and services.  We look forward to the tremendous impact the expanded infrastructure will have on fostering research and innovation excellence across West and Central Africa.”

For more information about Layer3 and its services, please visit

Layer3 is a leading IT and cloud solutions provider in Nigeria, specialized in delivering innovative technology solutions that drive business growth and efficiency. With a focus on quality and customer satisfaction, Layer3 offers a comprehensive range of services, including cloud computing, cybersecurity, AI-driven network solutions, and managed services.

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NITDA, FCT-UBEB, Collaborate To Foster Digital Literacy In Schools



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In a significant development in Nigeria’s educational sector aimed at boosting digital literacy among school children, the National Information Technology Development Agency (NITDA), is set to collaborate with the Federal Capital Territory Universal Basic Educational Board (FCT-UBEB) towards revolutionising the way young Nigerians engage with technology and equipping them with necessary skills to thrive in an increasingly digital world.


The forgoing information is contained in a press statement e-signed by the Head of Corporate Affairs and External Relations at NITDA, Hajia Hadiza Umar.

As per the statement, the Director-General of NITDA, Mallam Kashifu Inuwa Abdullahi , made this known when he hosted a delegation from the Head-to-Head Debate Committee of FCT UBEB led by its Ag. Executive Chairman, Dr Alhassan Sule, at the Agency’s corporate headquarters in Abuja to discuss possible areas of collaboration.

Mallam Abdullahi , who was represented by the agency’s Director of the Information Technology Infrastructure Solutions (ITIS) department, Oladejo Olawumi, stated that the collaboration aligned with a pillar of NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) 2024-2027 which was to Foster Digital Literacy and Cultivate Talents.

While stating that the pillar was key to the proposed educational board’s debate competition, the NITDA DG emphasised the importance of integrating technology into education to capture the interest and potential of young people.

“Children today, often referred to as digital natives, intuitively use technology and unlike us, who are digital migrants, these children seamlessly adapt to new gadgets and platforms. Therefore, it is essential to embed digital knowledge in their learning environment,” he noted.

Abdullahi disclosed that the agency had been providing infrastructure and resources to facilitate educational transformation as well as digital learning centres across all states of the country.

He added that the Digital Literacy for All programme was a national initiative of the agency which was designed to extend digital education resources to all corners of the country and urged the visitors to key into the programme while he asserted that it would be instrumental in enhancing digital literacy skills among students and out-of-school children alike.

Highlighting the agency’s focus on emerging technologies, Abdullahi stated that extensive research and development were being conducted in areas of Artificial Intelligence (AI) and Robotics which were pivotal for future skill sets.

While referring to a recent collaboration between the agency and the Abuja Enterprise Agency on a Robotics competition organised for secondary schools in Abuja to spur interest in Robotics and technology among students, he said “I think we can work together in this area and make sure that Robotics interest is geared up among the youth.”

Elaborating on the Agency’s ongoing initiatives toward achieving 70 per cent digital literacy in the country by 2027, he further disclosed that the agency was working to integrate digital literacy into the national educational curriculum and providing hands-on experience with technologies like AI and Robotics.

While stressing the importance of addressing the needs of out-of-school children, he mentioned “We are developing programmes in partnership with various stakeholders to attract these children through incentives like school feeding, coupled with digital literacy and other educational training.”

Abdullahi noted that the multifaceted approach would ensure that children were not only fed but also equipped with essential digital skills that would pave the way for a more inclusive and technologically proficient future.

In his earlier remark, Dr Sule commended the agency for their various strategic initiatives to ensure a sustainable digitally transformed economy in the country.

While stating that the head-to-head committee was saddled with the responsibility of conducting the FCT Basic Schools debate competition, he noted that 900 students in the FCT would contest in a debate.

Sule said that finalists from the competition would be moved to a reality house which will be aired live on different media platforms where they would be trained on AI and Robotics.

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Group Seeks Restructuring of N15Bn USPF



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Association of Telecommunications, Information Technology, Cable Satellite Network Operators and Allied Services Employers of Nigeria (ATICEN) has again called on Dr. Bosun Tijani, minister of Communications, Information and Digital Economy,  and Aminu Maida, executive vicecChairman of the Nigerian Communications Commission (NCC), to make the Universal Service Provision Fund (USPF) work for the purpose it was created and be more accountable about the rural telephony projects.

Dr. Bosun Tijani, minister of Communications, Information and Digital Economy

According to the Association, the Fund should be restructured or scrapped if it continues to fail to achieve the purpose for which it was created. It noted that despite the Fund, the digital gap was still wider in the rural areas.

In December last year, the USPF committee led by the Minister unveiled a project on rural telephony powered by solar – one of the many initiatives that USPF aimed at expanding the communication network to rural areas across the country.

It would be recalled that stakeholders in the telecoms industry had called for the investigation of the Fund allegedly misappropriated. The USPF was established in 2003 with an initial N15 billion to promote the widespread availability and usage of network and application services throughout Nigeria.

The NCC charges telecom operators 2.5 per cent of their turn-over as licensing fees, of which 40 per cent of the licensing fees is transferred to the designated fund called USPF.

However, despite the Fund, a wider digital divide still exists in the rural areas as many rural communities in the country are yet to be adequately connected to the country’s telecommunication system.

This lapse has been attributed to the misappropriation of funds partly budgeted for that project by some officials who held sway in the sector in the recent past. Sensing the mismanagement of the fund, some players in the sector called on the Presidency and the National Assembly to investigate the utilisation of the Universal Service Provision Fund (USPF) earmarked to bridge the infrastructure gap in the rural area.

They made the call following the non-impact of the Fund established by the Federal Government to facilitate the achievement of national policy goals for universal access and universal service to information and communication technologies (ICTs) in rural, unserved, and underserved areas in Nigeria.

The Fund is being managed to facilitate the widest possible access to affordable telecommunications services for greater social equity and inclusion for the people of Nigeria.

It would be recalled that a sum of N15.174 billion was recommended for approval as the Universal Service Provision Fund’s 2019 budget. Since it was established, the industry players said it had never had any impact on the telecoms industry, claiming that the fund had not been used for the purpose it was established.

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