Mobile money passes $2tn in transactions

Mobile money processed more than $2tn in transactions during 2025, underlining how decisively the sector has moved from niche innovation to essential financial infrastructure in many parts of the world.

Mobile money passes $2tn

According to the GSMA’s State of the Industry Report on Mobile Money 2026, the industry reached this milestone just four years after surpassing the $1tn mark, a striking acceleration that reflects both broader adoption and more intensive usage.

The figures point to a market entering a more mature phase. Registered mobile money accounts climbed to 2.3bn last year, an increase of 268m, while active 30-day accounts rose 15 per cent to 593m.

That represents the fastest growth in monthly active accounts since 2021 and suggests that mobile money is becoming more deeply embedded in everyday financial behaviour, particularly among populations underserved by conventional banking.

Growth is being driven by usage, not simply registration

The most important trend is not merely the expansion in account numbers, but the increasing frequency with which these services are being used.

Monthly activity rates edged up to 25.7 per cent, the highest level seen since 2021.

Even so, the data also reveal the scale of the industry’s unfinished work: nearly three quarters of registered accounts remain inactive in a typical month.

That gap matters because mobile money’s wider economic and social value depends on sustained engagement rather than headline registration totals.

Where usage becomes regular, mobile wallets can support stronger financial health by helping users manage daily expenses, absorb shocks and access longer-term tools such as savings, credit and insurance.

The report notes that insurance offerings by mobile money providers rose by one third in 2025, while credit and savings products are now widely available as adjacent services.

Sub-Saharan Africa remains central, but challenges persist

Sub-Saharan Africa continues to generate the largest share of new registered and active accounts, reinforcing the region’s position as the industry’s core growth engine.

Yet strong momentum has also been visible in most other markets where mobile money services are offered, pointing to a broader global consolidation of the model.

Still, the sector faces structural obstacles. Fraud remains widespread, while transaction taxes in some countries continue to discourage digital usage and push consumers back towards cash.

Regulatory progress has helped in several areas, particularly around interoperability, know-your-customer requirements and consumer protection.

However, providers still cite cross-border data transfer rules as a material barrier to smoother operations.

The next stage will depend on trust, regulation and inclusion

The broader significance of mobile money’s expansion lies in its growing influence beyond payments.

It is increasingly being used to support humanitarian disbursements, extend financial access in remote areas and strengthen economic resilience. But sustaining that progress will require more than scale alone.

The industry’s next chapter will depend on interoperable systems, supportive regulation, better fraud controls and stronger digital financial literacy.

It will also require sharper focus on inclusion, particularly as gender gaps in account ownership and usage remain pronounced across many markets.

Mobile money has already transformed access to finance; the challenge now is to make that progress broader, safer and more durable.