In 2025, more than $2 trillion flowed through mobile money wallets, a figure that has doubled from the first trillion in just four years.
The heightened transaction flows are spurred by the continued growth of active accounts, which now sit at 2.3 billion after having grown by 268 million in 2025.
This is according to the GSM Association’s (GSMA's) annual State of the Industry Report on Mobile Money 2026.
Now in its 14th year, the report details the progress of mobile money, with the latest edition indicating significant transaction volumes and registered mobile money accounts growth in 2025.
While it took the global industry 20 years to pass $1 trillion in annual transaction values, the GSMA report notes it has taken four years from that point for the figure to double.
Between 2022 and 2024, transaction volumes grew faster than transaction values, which led to a drop in the average transaction value from $18.6 in 2021 to $15.9 in 2024.
In 2025, transaction valuegrowth (23%) outpaced volume growth (16%) for the first time in four years, leading to a rise in average transaction values, says the GSMA.
Vivek Badrinath, GSMA director-general, says this year’s state of the industry report captures a market reaching new heights and greater maturity.
“Mobile money has become one of the world’s most impactful financial services. What began as a simple way to move money has evolved into a global financial ecosystem, reshaping how hundreds of millions of people manage their financial lives.
“Adoption and regular use are surging, and value is scaling even faster than volume, with more than $2 trillion flowing through mobile money in 2025.
“Looking ahead, the industry’s growing scale and sophistication will bring new opportunities and new responsibilities. By prioritising interoperability and cross‑border harmonisation; engaging in digital public infrastructure; strengthening consumer protection and fraud controls; and accelerating women’s inclusion and financial health outcomes, we can ensure mobile money continues to provide safe, inclusive and sustainable digital financial services.”
Regular mobile money usage has increased worldwide over the past year, according to the report.
In 2025, there were 2.3 billion registered mobile money accounts − 13% more than the previous year. This means the industry gained 268 million new registered accounts − its largest ever annual increase in absolute terms, according to the GSMA.
Active 30-day accounts rose by 15% to 593 million in 2025, marking the highest annual increase in monthly active accounts since 2021 when growth reached 16%, it states.
An additional 77 million people used mobile money on a monthly basis in 2025. Like registered accounts, this was the biggest annual increase in the number of active 30-day accounts since the industry began.
Almost every region where mobile money is offered experienced a rise.
In Sub-Saharan Africa, the region accounted for the most new registered and active accounts in 2025.
East Africa also accounted for almost half of new active 30-day accounts, while West Africa, Southeast Asia and South Asia contributed 16%, 12% and 10%, respectively.
“This has led to monthly usage of mobile money accounts growing by half a percentage point to 25.7%, the highest it has been since 2021. However, this still leaves almost 75% of accounts inactive monthly, with fraud remaining widespread and transaction taxes often encouraging users to revert to cash in the countries where they’re in effect, negatively impacting financial inclusion.
“Through more frequent usage, mobile money users can improve their financial health – the capacity to manage day-to-day financial needs, withstand shocks and invest in the future – by benefiting from the increasing provision of adjacent services like credit, savings and insurance.”
Regional green shoots
There were 347 live mobile money services in 102 countries in 2025, representing an increase of three compared to 2024.
The GSMA further notes that four new services began operations in Africa and one closed in Asia. Cashtel launched in Burundi, Bede digital wallet in Sudan, Wave Mobile Money in Cameroon and Gozem Money in Togo.
Much like last year, Sub-Saharan Africa remains the epicentre of mobile money. The region had 174 live mobile money services in 2025, with 1.2 billion registered accounts.
“At 40% of adults, Sub-Saharan Africa has the highest rate of mobile money account ownership worldwide,” states the report. “It also stands out because 20% of adults have mobile money as their only financial account. Kenya, Tanzania and Uganda have some of the highest mobile money account ownershiprates in the world.”
The GSMA report also highlights that regulation is playing a key role in expanding the reach of mobile money.
“Over 60% of mobile money providers believe that interoperability, know-your-customer and consumer protection regulations have supported their operations. With a supportive regulatory environment, the mobile money industry will be able to continue growing and, in turn, advance financial inclusion, especially among groups that have traditionally lacked access to banking services.”
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