Telecom
Towards Cashless Societies: Mobile Money Leading the Way in West Africa
Lauded as one of the 21st century’s most transformative financial tools, mobile money has significantly inspired financial inclusion by providing previously unbanked and underbanked populations the access to essential financial services.
This innovation empowers individuals and businesses with the tools to send and receive remittances, make seamless payments for goods and services and save money, while ultimately contributing to faster economic growth and development across the region.
Research from GSMA’s The State of the Industry Report on Mobile Money 2024 reveals that over the past decade, increased adoption of mobile money services has significantly improved GDP. This has contributed an impressive USD 600 billion to the economies of countries utilising these platforms. This finding reaffirms the transformative economic potential of mobile money as it drives entrepreneurship, increases consumer spending and enhances overall economic activity.
The popularity of mobile money in East Africa has not only redefined the scope of financial inclusion but has also spurred significant economic growth and altered consumer behaviour within and outside the region. Specifically, the success of platforms like M-Pesa has provided a powerful blueprint, easily demonstrating how mobile money can democratise access to financial services and drive socio-economic development.
This SeerBit whitepaper casts a deep look at mobile money’s regional adoption trends, its economic contributions and the challenges of scalability, while advocating for urgent, collective action to unlock mobile money’s benefits, paving the way for a more connected and prosperous future in the region.
Rise of Mobile Money Adoption Across West Africa
The Macroeconomic Performance and Outlook (MEO) report developed by the African Development Bank Group notes that Africa will account for 11 of the world’s 20 fastest-growing economies in 2024 – with the continent set to remain the second-fastest-growing region after Asia.
Mobile money adoption is playing a significant role in this growth.
In the 10 years leading up to 2022, mobile money contributed USD 600 billion to the GDP of countries with a mobile money service, according to the GSMA’s The State of the Industry Report on Mobile Money 2024 (SOTIR 2024).
Spotlighting West Africa in particular, which currently has a population of over 451 million (United Nations), West African Economic and Monetary Union (WAEMU) countries have seen increased financial account ownership since 2014, with mobile money accounts witnessing increased adoption and usage. On average, 41 percent of adults in the WAEMU have an account with a bank or similar institution or with a mobile money service. Senegal has the highest account ownership rate at 56 percent, but the country still falls 15 percent below the developing economy average.
In Nigeria, where a majority of adults remain unbanked or underserved due to the limitations of traditional banking infrastructure, the country’s dynamic fintech sector is bridging those gaps with mobile money, digital payment platforms and wallets to reach underserved populations in rural and remote areas. While digital transactions have grown, they are yet to exceed cash-based transactions. A recent GSMA report reveals that Nigeria’s mobile money account ownership increased to 22 percent among all adults that are aware of mobile money and have used a mobile phone in 2022 and the number of adult account owners who have used mobile money in Nigeria in the last 30 days increased to 80 percent – this was up from 61 percent in 2021.
Global Findex data suggests there are opportunities to accelerate ownership and usage through digital financial enablement.
What You Should Know About Mobile Money in West Africa
Here are some interesting things to note about the adoption and effectiveness of mobile money in West Africa.
Mobile money is bridging the financial inclusion gap in West Africa
If there is one thing industry critics can agree on, it is that mobile money services continue to play a critical role in financial inclusion across the continent, providing a secure and convenient platform for transactions, bill payments and access to banking services, highlighting the demand for accessible financial services where traditional banking infrastructure is minimal and as such unable to address the needs of the populace.
Mobile money has had a gender-equalising effect in most countries, except for Côte d’Ivoire, which has a 13 percent gap due to males having adopted mobile-based accounts at a higher rate.
Mobile money has also enabled more women to save money than other financial services. For instance, in Senegal, only six percent of women saved using a traditional bank or other financial accounts in 2021, whereas four times more women chose mobile money to save.
Enabling regulation has led to greater access to and use of mobile money
As an important solution in the provision of basic transactional financial services to populations largely underserved by formal financial institutions, mobile money services are subject to a range of regulations.
It has generally been accepted by regulators, mobile money providers and investors that regulation has a material impact on mobile money adoption and usage. Regulation affects the ease with which new customers can enrol to a mobile money service and the range of services offered, as well as the commercial and operating environment for providers and investors.
Fintechs are instrumental to making mobile money a success in West Africa
Fintech companies in Nigeria are collaborating with traditional banks to tailor services to the evolving needs of Nigerian consumers and businesses. These offerings pair a range of traditional banking products such as savings accounts and bill payments with innovative tech solutions such as lending platforms, virtual investment advisors, digital insurance products, and digital remittance solutions.
Fintech platforms such as SeerBit offer more widely accessible financial products that can help close the unmet credit demands of micro, small and medium-sized businesses in the country. A 2022 IFC Nigerian SME Finance Market report estimates this is around 13 trillion Nigerian naira (equivalent to USD 9 billion today). These products include invoice financing services, supply chain finance solutions, inventory management systems, data analytics tools, digital capital investment, digital assets, neo-banking and digital accounting and bookkeeping tools tailored to their needs.
West Africa Making a Bold Statement With Mobile Money
Despite several infrastructural, economic, social and regulatory challenges in West Africa, countries in the region are making meaningful strides to address all these areas. This is evidenced by countries in the region leading the mobile money adoption race globally. In 2023, over a third of new registered and active 30-day accounts globally were from West Africa and these accounted for transaction volumes of 19 billion, an increase of 40 percent from the previous year and transaction values of USD 347 billion, also up 40 percent from the previous year.
Mobile money adoption in West Africa is booming, with the GSMA reporting over 500 million active mobile money accounts in the region by 2023. The World Bank highlights that mobile money transactions are growing rapidly, driven by increased smartphone penetration and financial inclusion efforts. Despite this progress, challenges persist, including regulatory hurdles and infrastructure limitations. According to the GSMA, over 40 percent of the region’s population remains unbanked, which hampers broader adoption. Additionally, cybersecurity threats and digital literacy gaps could inhibit future growth. Addressing these challenges will be crucial for sustaining the upward trajectory of mobile money in West Africa.
Towards Cashless Societies
In January 2024, Bloomberg reported that six of the top 10 performing economies in the world were predicted to come from Sub-Saharan Africa. The continent’s youthful population is also an enormous opportunity for economic growth.
Africa also has the advantage of having fewer legacy challenges to deal with and is, therefore, adopting digitised solutions faster out of necessity.
Today’s technologies are a good indicator of the scale and speed at which technology is transforming traditional socioeconomic sectors across the continent. African countries are implementing key policies to accelerate digital payments adoption, creating a competitive market with solutions tailored to the underserved.
How Can Africa Further Accelerate the Growth and Adoption of Mobile Money?
Connectivity is critical.
Widespread internet access would enable card-based transactions at merchant/agent locations. Offline solutions and strong interoperability policies are crucial for addressing connectivity challenges.
What’s the Future Outlook on Mobile Money Adoption?
In two words: Quite positive.
Beyond improving financial inclusion and access to other digitally enabled services, the adoption, use and growth of mobile money are now reflected in macroeconomic indicators – an increase in mobile money adoption will inevitably lead to a rise in GDP.
The emergence of mobile money as an alternative cashless currency has fundamentally changed the way people access financial services, enabling millions of unbanked individuals to store and manage money through their mobile devices.
However, despite this progress, a significant portion of Africa’s population remains outside the traditional banking system, facing limited and costly banking services.
Ease in regulation has played a key role in driving mobile money adoption in West Africa. As mobile money continues to gain traction, it is crucial that the regulatory frameworks in many West African nations evolve to meet dynamic needs. Effective regulations are essential to protect consumers while encouraging new entrants and consistent innovation in the market.
By establishing a robust regulatory environment, African countries will ensure that mobile money remains a powerful tool for economic empowerment and financial inclusion, ultimately driving sustainable development across each region.
Download the full report for free here.
Global System for Mobile Communications Association (GSMA) has urged African governments to recognise telecommunications as a core economic pillar and implement specific tax reforms that could dramatically accelerate digital inclusion across the continent.
Mr. Daddy Mukadi, chair of GSMA Africa’s Policy Group, proposed a two-to-three-year exemption on import duties and taxes for entry-level smartphones priced between $40 and $150 to help bridge the usage gap.
He also called for the removal of entry duties on telecommunications equipment for at least three years to support the expansion of network coverage.
“These measures would help deliver inclusive and sustainable digital technology for economic and social progress. They would also support faster connectivity, improved access and the ability to connect more people, businesses and communities to the digital economy,” he said.
Mukadi who is also the chief regulatory officer of Airtel Africa, spoke at the first edition of the États Généraux du Secteur des Postes et Télécommunications in Kinshasa, DRC, an event convened to support the development of a strategic roadmap for the country’s digital and telecommunications sector and attended President Félix Tshisekedi.
He urged government and industry stakeholders to rethink the role of telecommunications in national development, arguing that it should be framed not as a sector specific concern, but as a continent-wide imperative.
“The telecoms sector can no longer be considered merely as a support sector. It is now a core sector. Both are vital, and every other sector, from security and finance to transport and health, depends on digital technology for growth,” Mukadi said.
His remarks come at a critical moment for Africa’s digital economy. According to the GSMA’s Mobile Economy Africa 2025 report, the mobile sector contributed $220 billion to the continent’s economy in 2024.
This is equivalent to 7.7per cent of GDP and is projected to reach $270 billion by 2030. Yet despite mobile networks now covering 95per cent of Africa’s population, nearly 75per cent of people across the continent remain offline.
The GSMA identifies this gap as Africa’s greatest connectivity challenge, driven above all by the unaffordability of devices.
Mukadi therefore called for strategic adjustments to public policy, as well as legal and regulatory frameworks, to support wider access to digital services. He said the telecommunications sector should be treated as a foundational pillar of economic development, with stakeholders working together to accelerate investment, expand coverage and close the usage gap across the continent.
The Chief Regulatory Officer of Airtel Africa also highlighted key barriers to digital inclusion, including the affordability of smartphones and the impact of import duties on telecommunications infrastructure.
He added that government and the private sector must work closely to create a regulatory environment that encourages innovation, protects consumer interests and supports long-term investment.
Federal High Court in Abuja has issued an interim injunction restraining MTN Nigeria and Airtel Networks from suspending or interfering with Nairtime Nigeria’s access to critical telecommunications platforms including short codes, SMS, USSD, and billing services, following a directive by the Federal Competition and Consumer Protection Commission (FCCPC) that left Nigerians without a safety net.
The order, granted on April 24, 2026 in Suit No: FHC/ABJ/CS/779/2026, ensures that millions of consumers, particularly those without access to traditional banking, can continue to access airtime and data on credit, services increasingly vital for daily communication, work, education, and digital participation.
Nairtime, part of the Optasia Group, is a leading provider of airtime and data credit services in Africa and the Middle East, facilitating micro-lending for mobile users.
According to Nairtime, the court’s intervention provides policy certainty and reinforces the legitimacy of its operations, which are conducted under a valid Value-Added Service licence issued by the Nigerian Communications Commission (NCC).
The company noted that the suspension linked to the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 risked disrupting services relied upon daily by ordinary Nigerians.
Ms Uchenna Agbo, chief commercial officer of Optasia and chief executive officer of Nairtime Nigeria Limited, said: “This decision is ultimately about protecting underserved Nigerian consumers.
It ensures that millions of people, many of whom are underserved by traditional financial systems, retain uninterrupted access to essential digital services. Over time, using these services responsibly can help them prove reliability and improve their chances of accessing bigger financial opportunities in the future.
“Our platform enables responsible, data-driven lending that keeps people connected when they need it most and we look forward to working with our partners to restore services in a manner that resumes full service value to the Nigerian consumers without further delay.”
Nairtime reaffirmed its commitment to consumer and data protection through stringent governance frameworks and ethical use of artificial intelligence, and emphasised that it shares the broader consumer protection objectives of the Federal Government while remaining open to constructive engagement with regulators and industry partners.
Agbo added: “We have built a system that supports inclusion at scale, while maintaining strong risk controls for industry stability and economic impact. This ruling allows us to continue delivering safe, reliable services that Nigerians depend on every day.
“We remain focused on ensuring that the Nigerian consumer stays at the centre of innovation and will continue working with regulators and our partners, including MTN and Airtel, to promote a fair, transparent, and inclusive digital ecosystem that benefits Nigeria and all Nigerians.”
Optasia, which listed on the Johannesburg Stock Exchange in late 2025 and was founded in Nigeria 14 years ago, provides the infrastructure layer connecting mobile network operators and banks to millions of underserved customers.
Through global partnerships with 50 distribution partners and 17 financial institutions, including some of Africa’s largest MNOs and tier-one banks, the platform uses proprietary AI that processes credit decisions in under one second, using alternative data to assess risk for customers who have never held a formal credit product.
Beyond telcos, the company is also developing new propositions including SME and merchant finance, longer-term and higher-value credit, telco BNPL and revolving credit lines, and embedding its platform across adjacent ecosystems and verticals.
Nigeria has been ranked the most spammed country in Africa, according to a new report by Truecaller has shown. The report showed that more than half of all unknown calls received by Nigerians in 2025 were identified as spam or fraudulent.
About 51 per cent of unknown calls were flagged as spam, placing Nigeria eighth in the world and ahead of African countries like South Africa, Kenya, Ghana and Ethiopia.
According to the report, most spam calls in Nigeria are linked to telecom companies and network-related promotions. Telecom-related calls made up 35 per cent of spam calls, while sales and telemarketing accounted for 10 per cent. Scam calls represented six per cent.
Truecaller said many Nigerians now struggle to know whether an unknown caller is a real network provider, a marketer, or a fraudster pretending to be from a trusted company.
The report also noted that Brazil faces a similar problem, with telecom-related calls dominating spam activities.
Globally, Indonesia ranked as the most spammed country in the world, with 79 per cent of unknown calls marked as spam. Chile came second with 70 per cent, while Vietnam, Brazil and India completed the top five.
The company added that the Middle East and Africa region passed 100 million monthly active users in late 2025, making Africa one of its fastest-growing markets.
Chief Executive Officer of Truecaller, Rishit Jhunjhunwala, said fraud and impersonation calls have become a serious global concern.
He said the company plans to focus more on stopping fraudulent calls before they reach users in 2026.
Truecaller also announced that it surpassed 500 million monthly active users worldwide as of March 31, 2026, with more than 150 million users outside India.
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