Telecom
GSMA Reveals Sub-Saharan Africa as Mobile Money Epicentre
Mobile money has surpassed two billion registered accounts, with over half a billion active monthly users across the globe in the 25 years since its launch.
Leading this market growth is Sub-Saharan Africa with a total of 1.1 billion registered accounts and more than 280 million active 30-day accounts, as recorded at the end of 2024.
This is based on the State of the Industry Report on Mobile Money 2025, compiled by the GSM Association’s (GSMA’s) mobile money programme data and insights team.
Now in its 13th year, the report details the progress of mobile money, with the latest edition indicating transaction volumes and values for mobile money accounts experienced double-digit growth in 2024.
Over 108 billion transactions worth $1.68 trillion were processed through mobile money accounts, for the period under review. This is equivalent to $3.2 million worth of transactions per minute, says Vivek Badrinath, GSMA director-general.
Year-on-year, transaction volumes increased by 20%, while transaction values grew by 16%, up from a 13% increase in 2023.
According to the report, the industry took 18 years to achieve one billion registered accounts and 250 million active users from 2001, doubling in size in the following five years.
Mobile money accounts have “consistently” maintained growth rates above 10% since 2020. In 2024, registered accounts increased by 14% year-on-year to 2.1 billion, while active 30-day accounts grew by 11% to reach 514 million, the report reveals.
Badrinath highlights that Sub-Saharan Africa remains the epicentre of mobile money, accounting for most new registered and active accounts.
“Mobile money has emerged as a powerful driver of financial inclusion and economic growth. Its continued success depends on supportive regulatory environments that promote innovation and accessibility, and help unlock the full socio-economic potential.
“To ensure mobile money remains accessible, affordable and safe, it is vital for governments and regulators to work with financial service providers to support financial literacy programmes, empowering underserved populations and opening new opportunities for financial decision-making.
“Looking ahead, I believe we are well-positioned for the next wave of expansion, where mobile money emerges as the preferred payment service, driving business growth, strengthening economies and shaping a better future for all.”
The report also notes that mobile money continues to play a key role in economic development. By the end of 2023, the total gross domestic product (GDP) of countries with mobile money services was over $720 billion higher than it would have been without them, reflecting a 1.7% increase in GDP driven by mobile money.
“In Sub-Saharan Africa alone, year-on-year, mobile money added around $190 billion to GDP in 2023, demonstrating its sustained economic influence.”
Regional phenomenon
Mobile money is used to buy goods and services, save money and send money to friends and family – both at home and abroad.
Based on the report, the bulk of mobile money accounts in the Sub-Saharan Africa region was driven by adoption and use in East and West Africa.
East Africa was the leading driver of monthly active account growth in 2024, followed by Southeast Asia and West Africa.
Introduced as an offering for financial inclusion for the unbanked, mobile money offerings, such as East Africa’s M-Pesa, have become the region’s most popular mobile money platform.
According to the report, over two-thirds of registered accounts in 2024 came from Sub-Saharan Africa. In 2024, there were more than one billion registered accounts in Sub-Saharan Africa – twice as many as in 2020.
Compared to forecasts from 2019, the GSMA found that registered accounts grew faster than expected, with data from 2024 showing 75% more registered accounts in Sub-Saharan Africa than estimated.
“Growth in active 30-day accounts was driven by East Africa, which contributed 32% of new accounts in 2024, closely followed by Southeast Asia (28%). West Africa and South Asia contributed 21% and 19%, respectively. Double-digit growth in active monthly accounts in 2024 confirmed that millions continue to rely on mobile money for their daily financial needs.
“Between 2014 and 2024, the number of active 90-day accounts as a proportion of SIM cards in Sub-Saharan Africa rose from 10% to 39%. Across other regions, the highest ratio of active 90-day accounts to SIM cards was 8% in South Asia. While some countries in Sub-Saharan Africa can be considered relatively mature, there is still room for growth – both in Sub-Saharan Africa and in other regions.”
Southeast Asia recorded the second-fastest growth rate for active monthly accounts, behind the Middle East and North Africa.
“The region saw active 30-day accounts grow faster than registered accounts, supported by enabling regulatory environments in markets including Cambodia, Fiji, the Philippines and Vietnam.”
The GSMA also reveals that in East Asia and the Pacific many mobile money providers have evolved into full-service financial platforms, offering a broad range of products to match user needs. The most successful providers are often those who are actively innovating the breadth of their offerings, it says.
“Mobile money providers are increasingly offering adjacent financial services like credit, savings and insurance. As of June 2024, 44% of providers offered credit services, making it the most used adjacent financial product. Savings services were offered by around a third of providers, while insurance remains the least common with around 28% of providers offering it.”
Despite progress, the report highlights that several barriers to adoption remain, notably among women. It states that among 12 countries surveyed, eight continue to exhibit a gender gap in mobile money ownership, with little improvement since 2023.
“Limited awareness and low digital financial literacy are significant barriers, particularly for women. However, women who hold mobile money accounts are nearly as likely as men to have used them in the past 30 days.”
Badrinath states: “As we continue our work to close the usage gap, and drive digital and financial inclusion, it is hugely encouraging that almost 60% of mobile money providers have introduced digital skills initiatives. These efforts not only boost financial awareness and combat fraud, they also help to break down the barriers that prevent millions – especially women – from fully benefitting from mobile money services.”
Meta has announced its intention to appeal the decision of the Competition and Consumer Protection Tribunal (CCPT), which upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) over its data practices.
The penalty follows a 38-month investigation conducted by the FCCPC, in collaboration with the Nigeria Data Protection Commission (NDPC), which ran from 2021 to December 2023.
The investigation found evidence of unauthorised data sharing, insufficient user consent mechanisms, and discriminatory practices that treated Nigerian consumers differently from those in other regions.
In July 2024, the FCCPC imposed the $220 million fine on Meta and WhatsApp, citing violations of Nigeria’s data protection and consumer rights laws. Additionally, the ruling mandated corrective actions to ensure that Meta’s business practices comply with Nigerian regulations.
In a decision delivered on Friday, April 25, the tribunal upheld the fine, reaffirming the FCCPC’s authority and investigative processes. The tribunal also ordered Meta to pay an additional $35,000 to cover the costs incurred during the investigation.
However, Meta expressed disagreement with the tribunal’s ruling, stating in a statement on Saturday, April 26, that it would urgently seek to appeal the decision and apply for a stay of execution.
“We are urgently applying to stay the order and appeal today’s decision to avoid any impact to users,” WhatsApp said.
The company also contested the tribunal’s findings, claiming that the ruling misrepresented how WhatsApp operates and contained inaccuracies regarding its data practices.
Competition and Consumer Protection Tribunal has upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) on Meta Platforms Inc. and WhatsApp LLC for data privacy violations in Nigeria.
The Tribunal also awarded $35,000 in investigative costs to the country’s Federal Competition and Consumer Protection Commission .
In a statement issued by the FCCPC, the Tribunal delivered its judgment in the appeal filed by Meta Platforms Incorporated (Facebook) and WhatsApp LLC against the Federal Competition and Consumer Protection Commission (FCCPC), affirming the Commission’s authority and ruling in favour of its actions on nearly all contested issues.
According to the statement by the FCCPC, “The Tribunal specifically determined that the Commission adhered to prevailing laws, fulfilled its mandate, and exercised its powers by the 1999 Constitution (as amended).
“It ruled that the multiple actions by WhatsApp and Meta, for which the Commission made findings of violations, were correctly identified, and that the Commission did not err in making those findings.”
The statement revealed that WhatsApp and Meta’s legal team was led by Professor Gbolahan Elias (SAN), while the FCCPC was represented by Babatunde Irukera.
It added that both legal teams presented their final arguments on behalf of their respective clients on January 28, 2025.
“The FCCPC had on July on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers, the investigation started in 2020.
“The case arose from a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.
“Dissatisfied with the Order last year, Meta and WhatsApp appealed to the Tribunal, challenging both the legal basis and the findings of the Commission,” FCCPC said.
The Tribunal upheld the FCCPC’s authority and investigative procedures in Meta and WhatsApp’s appeal, resolving most of the contested issues in the Commission’s favour.
It confirmed that the FCCPC acted within its constitutional and statutory mandate, particularly regarding fair hearing, data protection, and consumer rights.
While it dismissed the majority of the appellants’ objections, it set aside one specific order (Order 7) for lacking sufficient legal basis.
While expressing satisfaction with the judgment, Tunji Bello, executive vice chairman/CEO, commended the Commission’s legal team for their exceptional diligence and forensic expertise in assembling evidence and presenting their case.
He reaffirmed the FCCPC’s unwavering commitment not only to protecting the rights of Nigerian consumers but also to promoting fair business practices in line with the FCCPA (2018) and the Renewed Hope Agenda of the Nigerian government.
Nigerian Exchange Limited (NGX), has made history with the listing of Legend Internet Service Plc as the first company in its Telecoms sector and the first company to be listed this year.
Legend’s N2 billion ordinary shares, with a par value of 50 kobo each, were listed at N5.64 per share.
Dr Umaru Kwairanga, chairman of NGX Group, who welcomed Legend’s board and management, commended the company for its successful listing on the Exchange
He highlighted that listing signifies an elevated commitment to corporate governance and provides opportunities to leverage the Exchange’s diverse asset classes for capital raising.
He stated, “As we celebrate this listing, with many more in the pipeline, I commend the management of Legend Internet Plc for this remarkable milestone.
“This bold step demonstrates confidence in your business model and growth vision.
It also marks the formal emergence of a broadband service as a distinct sub-sector on our Exchange.
Legend has evolved from a focused digital network provider to a diversified technology player, achieving significant advancements in broadband infrastructure development and data services.
We anticipate continued growth in the future.
“We are still bringing many companies on board the NGX, including Dangote, NNPC and others.
“As Africa’s leading exchange, NGX has consistently championed innovation, transparency and sustainable value creation through our investment in cutting-edge infrastructure and a comprehensive range of product offerings, spanning equities, bonds, ETFs and derivatives
Speaking at the Facts Behind the Listing Ceremony, Dr Ladi Bada, chairman, Legend emphasised that the company, as the first indigenous telecommunications company on NGX, has substantial value to offer the market.
Bada encouraged Nigerians to embrace the broadband industry, recognizing it as the fastest-growing sector globally.
He noted that the company had been instrumental in laying fiber optic cables connecting 250 homes in the Suleja and Abuja environs.
He expressed optimism that the Exchange would serve as a catalyst to replicate such commendable projects across other regions of Nigeria.
“We are here to create an enabling digital infrastructure to achieve the projected one-trillion dollar economy.
“On this special day, Legend Internet takes a bold step forward, not just for itself, but for the broader ecosystem of technology, infrastructure, and enterprise in Nigeria.
“As we begin this exciting new chapter as a publicly listed company, we do so with humility and boldness.
We remain committed to continuous innovation, expanding our reach, and delivering value to shareholders and society
“A listing on the Nigerian Exchange is more than a financial event. It is a signal and a declaration that a business is ready to be held to the highest standards of governance, performance, and public trust,” he said
Providing insights into the company’s development, Ms Aisha Abdulaziz, chief executive officer of Legend Internet Plc, stated that the company had evolved from an internet service provider to a comprehensive digital service provider.
Abdulaziz noted that with broadband penetration in Nigeria being less than one per cent, Legend Internet was strategically positioned to deepen access
She affirmed the company’s commitment to taking Nigeria’s digital economy to the next level
“When we started Legend, we weren’t just building an internet company; we were building a movement
A movement fueled by the belief that every Nigerian deserves access to premium, reliable, and high-speed internet, regardless of their location or occupation
“From late nights in our first office to laying fiber across Abuja, to launching products that made people’s lives easier and faster, our journey has always been about connections
“Connecting people to opportunities, connecting homes to entertainment, connecting Nigeria to the digital future it deserves. Our journey has always been about a better way to live.
“This listing is a symbol of our commitment to transparency, sustainable growth, and the kind of excellence that outlives hype.
“Legend’s primary focus now is on unlocking digital value at the household level,” she said.
Mr Jude Chiemeka, chief executive officer of NGX, congratulated the company for making the strategic decision to list.
Mr Chiemeka noted that Legend’s listing on NGX now brings the total number of listed securities to 322
Also, Mr Temi Popoola, chief executive officer of the Nigerian Exchange Group, encouraged the investing public to support the newly listed company.
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