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.”
Telecom
MTN Nigeria Rewards 1,500+ Winners with ₦290m in Mega Billion Promo

Telecoms giant, MTN Nigeria, has announced the disbursement of over ₦290 million to more than 1,500 winners in its ongoing Mega Billion Promo.

L-R: Deji Roberts, Assistant Director, Nigerian Communications Commission, Lagos Zonal Office; Ugonwa Nwoye, Chief Customer Relations and Experience Officer, MTN Nigeria; Femi Yusuf, 10 Million MTN Mega Billion Promo Jackpot Winner; Efe Kwado, MTN Mega Billion Promo Winner; Onyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria and Samuel Rowland, Chief Operations Officer, Lagos State Lotteries and Gaming Authority at the MTN Mega Billion Promo Media Parley held on Saturday, July 19, 2025 at the MTN Rooftop Events Centre Plaza, Ikoyi.
The update was shared during a live event held on July 19 at the company’s Rooftop Events Centre in Lagos. Representatives from the Nigerian Communications Commission (NCC), the Lagos State Lotteries and Gaming Authority, MTN executives, journalists and selected promo winners were in attendance.
Speaking at the event, Onyinye Ikenna-Emeka, MTN’s Chief Marketing Officer, stated that the initiative was launched to support loyal customers during difficult times. “In the last couple of years, it’s been a tough time for the average Nigerian. This promo is one of our ways of making life better for our customers,” she said.
Ikenna-Emeka revealed that the promo has produced over 1,500 winners, including three jackpot winners, 20 winners of ₦5 million each, and more than 100 winners of ₦100,000. She added that the company remains committed to rewarding customers transparently.
One of the jackpot winners, Femi Yusuf, who won ₦10 million, shared his excitement. “I thought it was one of those promos where nothing comes out of it. My wife was the one who spotted my number during the live draw,” he said. When asked about the delivery of his prize, he replied, “Fast and fast. MTN, no scam.”
The event also featured live calls to new winners, including a woman identified as Motunrayo, who won ₦2 million. She expressed joy over the unexpected win, saying, “I’m so grateful. Thanks so much.”
Debo Agun, Senior Manager, Consumer Segment (Mass Market), explained the mechanics of the promo. He said participation is free and open to MTN subscribers who dial *900# to opt in. Airtime purchases serve as entries—₦100 worth of airtime equals one entry, and customers can win multiple times.
Agun stated that 63 winners are selected daily from Monday to Friday, while Saturdays feature 104 winners, including a ₦10 million jackpot. Other prizes range from ₦25,000 to ₦2 million and are paid into customers’ MoMo wallets. Those without wallets can create one by dialing *671#.
Promo draws are conducted and streamed live on MTN’s Instagram, YouTube, and Facebook channels. Independent partners oversee the process to maintain credibility and fairness.
The promo began on June 23 and runs for 90 days.
Telecom
MTN, MTV Base Launch “Room of Safety” Series to Promote Online Child Safety

Telecoms giant MTN Group has partnered with MTV Base to launch the Room of Safety campaign, a youth-led movement aimed at raising awareness on internet safety and digital wellbeing for children and young people across Africa.
The initiative, a major part of MTN’s Help Children Be Children campaign, seeks to address growing concerns around cyberbullying, grooming, misinformation, and other forms of online harm. Through this collaboration, MTN will leverage MTV Base’s extensive reach across youth audiences to drive impactful change.
Central to the campaign is the premiere of a 10-part short-form docu-series titled Room of Safety, which kicks off on July 20, 2025, at 16:00 on MTV Base (DStv channel 322). Episodes will also stream on MTV Base South’s digital platforms including Instagram, YouTube, and TikTok.
Each episode will feature real-life stories, expert interviews, and practical resources to help young viewers identify digital threats and take proactive steps. The series also encourages youth to speak up about negative experiences online and shows them how to report abuse.
A statement from MTN Group emphasized the importance of equipping young Africans with the knowledge and confidence to navigate digital spaces safely, adding that the campaign aims to normalize conversations around digital ethics and mental health within families, schools and peer groups.
The launch is backed by social media engagement and outreach activities targeted at schools, creators, and community organizations across multiple African countries.
Telecom
MENXTT Tech NG Debuts USA-Spec Devices and Redefines IT Retail in Nigeria

MENXTT Technology NG has introduced a fresh lineup of USA-specification smartphones alongside its existing range of laptops, accessories, and software tools in a major move to redefine tech quality and customer satisfaction in Nigeria.
The firm, which operates as a fully online IT service provider, is focused on bridging the gap between businesses and customers by offering seamless tech procurement, deployment, and after-sales support.
According to Anthony Emeka Nwosu, Director of Communication and Customer Retention, the company is committed to restoring consumer trust in tech purchases through guaranteed quality, extended warranties, and structured support.
Nwosu stated that the decision to supply USA-grade devices was borne out of frustration with substandard options in the market and zero accountability.
He said MENXTT was built to be responsive, dependable, and quality-driven, assuring customers that they would not be left alone after purchase.
With services covering laptops, accessories, website development, software deployment, and IT support, MENXTT promises to take technology directly to the client with less stress.
The company, located at 8a Oje Imeviani Street, Julie Estate, Oregun, Ikeja, Lagos, is also noted for its tech-enabled structure that allows users to access solutions from anywhere in Nigeria through its online platform.
Customers can reach MENXTT Technology NG via email: info@menxtt.com.ng or website: menxtt.ng.
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