Mobile money transactions topped $2 trillion globally in 2025, doubling in value in just four years as adoption and usage accelerated, according to a new industry report released on Tuesday.
The milestone, highlighted in the GSMA’s State of the Industry Report on Mobile Money 2026, underscores the rapid expansion of a service that has become a cornerstone of financial access for underserved populations.
It took two decades for mobile money to reach $1 trillion in annual transaction value, but only four years to double that figure, reflecting what the report described as “exponential growth” in the sector.
Mobile money accounts rose to 2.3 billion in 2025, an increase of 268 million from the previous year, while active users — defined as those transacting within 30 days — climbed 15% to 593 million, the fastest growth since 2021.
“What began as a simple way to move money has evolved into a global financial ecosystem,” GSMA Director General Vivek Badrinath said, adding that the industry is reaching “new heights and greater maturity.”
Africa leads growth
Sub-Saharan Africa remained the primary driver of new accounts and activity, though most regions offering mobile money recorded gains. Monthly account usage rose to 25.7%, its highest level in four years.
Despite the growth, nearly three-quarters of registered accounts remain inactive on a monthly basis. The report cited fraud risks and transaction taxes in some markets as key factors discouraging regular use and pushing some users back to cash.
Expanding financial services
The report noted that increased usage is helping improve users’ financial resilience by enabling access to services such as credit, savings and insurance.
Mobile-enabled credit remains the most widely offered service, closely followed by savings products, while the number of providers offering insurance grew by about one-third in 2025.
Regulation both helps and hinders
Regulatory frameworks have played a significant role in expanding mobile money, with more than 60% of providers saying rules around interoperability, customer verification and consumer protection have supported their operations.
However, challenges remain. Nearly a quarter of providers reported that restrictions on cross-border data transfers have hindered growth, highlighting the need for greater regulatory harmonisation.
Inclusion gaps persist
While mobile money has improved financial inclusion overall, gender disparities remain widespread. In seven out of ten countries surveyed, women are less likely than men to own or actively use mobile money accounts, with a few exceptions including Kenya, Ghana and Nigeria.
Broader impact
Beyond financial services, mobile money is increasingly used to deliver humanitarian aid and emergency payments, particularly in remote areas.
The report emphasised that continued growth will depend on improving digital financial literacy, strengthening fraud protections and fostering cross-border interoperability.
“As the industry scales, it must also take on greater responsibility,” Badrinath said.