Africa Surpasses 1B Mobile Money Wallets With $1T Traded in 2024
TLDR
- Mobile money usage across Africa has doubled over the past four years, reaching over one billion registered accounts by the end of 2024
- The continent now represents 53% of all mobile money wallets globally and 56% of active users, with 286 million conducting transactions within a 30-day window
- In 2024 alone, 81 billion transactions were processed across 178 services on the continent, totaling $1 trillion—an annual increase of 15%
Mobile money usage across Africa has doubled over the past four years, reaching over one billion registered accounts by the end of 2024, according to the GSMA’s latest report. The continent now represents 53% of all mobile money wallets globally and 56% of active users, with 286 million conducting transactions within a 30-day window.
In 2024 alone, 81 billion transactions were processed across 178 services on the continent, totaling $1 trillion—an annual increase of 15%. Sub-Saharan Africa remains the sector's epicenter, contributing $190 billion to GDP in 2023, up from $150 billion in 2022.
Operators such as Safaricom have been key drivers of growth. M-Pesa now accounts for over 42% of Safaricom’s revenue, surpassing $1 billion in 2024. North Africa emerged as a new growth frontier. Egypt saw a 50% jump in Vodafone Cash users and doubled revenue. Morocco is expected to follow, following regulatory changes in late 2024.
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Key Takeaways
Africa’s mobile money industry has reached a milestone, with more than one billion wallets and $1 trillion in annual transaction volume. While growth continues, signs of market maturity are emerging—particularly a slowing rate of active user growth since 2021. Analysts point to possible over-enrollment or a shift toward formal banking. Still, telecom operators like Safaricom and Orange are reporting strong performance, particularly in new markets. Egypt’s mobile money user base surged, and Morocco is poised for a breakout year following new regulations. North Africa’s late but rapid adoption shows the sector's potential to extend beyond its East and West African strongholds. Despite evolving dynamics, mobile money remains a key contributor to African economies, improving financial inclusion and supporting GDP growth. Going forward, operators will need to focus on user engagement, product innovation, and partnerships with fintechs and banks to sustain momentum and deepen financial access across underserved regions.
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