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GSMA

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

TheStateoftheIndustryReport

onMobileMoney

2024

GSMA

Copyright?2024GSMAssociation

1

TheGSMAisaglobalorganisationunifyingthe

mobileecosystemtodiscover,developanddeliverinnovationfoundationaltopositivebusiness

environmentsandsocietalchange.Ourvisionis

tounlockthefullpowerofconnectivitysothat

people,industryandsocietythrive.Representingmobileoperatorsandorganisationsacrossthe

mobileecosystemandadjacentindustries,the

GSMAdeliversforitsmembersacrossthreebroadpillars:ConnectivityforGood,IndustryServices

andSolutionsandOutreach.Thisactivityincludesadvancingpolicy,tacklingtoday’sbiggestsocietalchallenges,underpinningthetechnologyand

interoperabilitythatmakemobileworkandprovidingtheworld’slargestplatformtoconvenethemobile

ecosystemattheMWCandM360seriesofevents.

Weinviteyoutofindoutmoreat

FollowtheGSMAonTwitter:@GSMA

MobileMoney

TheGSMAMobileMoneyprogrammeworksto

acceleratethedevelopmentofthemobilemoney

ecosystemfortheunderserved.

Formoreinformation,pleasecontactus:

Web:/mobilemoney

Socialmedia:@GSMAMobileMoney

Email:mobilemoney@

THEMOBILEMONEYPROGRAMMEISSUPPORTED

BYTHEBILL&MELINDAGATESFOUNDATION.

Authors

TheStateoftheIndustryReportonMobileMoney2024waspreparedbytheGSMAMobileMoneyprogramme’sData&Insightsteam.TheteamcomprisedRishiRaithathaandGianlucaStorchi.

MarketingsupportwasprovidedbyAnaForjazandVincentKeung.ProjectmanagementsupportwasprovidedbyDuncanRamsbotham.

Contributors

AnnaColquhoun,AshleyOlsonOnyango,ChristopherLowe,DanieleTricarico,GeorgeBauer,IsabelleCarboni,KaraNorton,LisaChassin,MaryGichuki,MaxCuvellierGiacomelli,NadiaJeffrie,NighamShahid,PanosLoukos,RebeccaSpriggs,WinnieWambuguandZachWhite.

Externalcontributors

VibhorJain(independentconsultant),AraméAwanis(independentconsultant),LeslieArathoon(independentconsultant),LeoraKlapper(WorldBank),theInternationalFinanceCorporation(IFC)andtheBanqueCentraledesEtatsdel’Afriquedel’Ouest(BCEAO).

TheStateoftheIndustryReportonMobileMoney2024isbasedondatacollectedfromtheGlobalAdoptionSurvey2023andthe2023GSMAConsumerSurvey.

Formorecontentanddata,visit/sotir

GSMA

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

ForewordfromMatsGranryd

DirectorGeneraloftheGSMAandaMemberoftheBoard

Forovertwodecadesmobilemoneyserviceshavegrownexponentially,drivingfinancial

inclusionforbillionsofpeople,openingup

incredibleopportunitiesforentrepreneursandsmallbusinessesacrosstheworld.Today,1.75billionregisteredaccountsareprocessing$1.4trillionayear,orabout$2.7millionaminute.

Trulyremarkablenumbers.

Overtheyears,Sub-SaharanAfricahasbeena

keydriverofmobilemoney’ssuccess,hometo

almostthree-quartersoftheworld’saccounts.Inthepast10years,WestAfricahasemergedasakeyplayerwiththenumberofregisteredmobilemoneyaccountsdoublingbetween2013and

2023,drivenmostlybygrowthinNigeria,GhanaandSenegal.

Astheindustrycontinuestogrow,weseeit

maturing.Inthe10yearsto2022,mobilemoneycontributed$600billiontotheGDPofcountrieswithamobilemoneyservice.

Todaymillionsofusersaremakingorreceiving

payments,takingoutproductivecreditto

meetshort-termfinancingneeds,payingfor

governmentservicesoraccessingsavingsand

insuranceproductstoprotectthemselvesfrom

shocks.

Overthepast10yearswehaveseenincredible

growthacrosstheindustry,butperhapseven

moreexcitingthanthisaretheopportunities

thatlieaheadastheecosystemcontinuesto

mature.Asyoureadthisreport,Itrustyouwillbeencouragedbythegrowthoftheindustrysofar,andinspiredbytheincrediblepotentialthatitholdsasweworktodrivefinancialinclusion

andbuildstrongermoreresilienteconomies

acrosstheworld.

MatsGranryd

DirectorGeneral,GSMA

Usecasesarealsoevolvingasmobilemoney

usersshiftawayfrombasictransactionsto

morevariedservices.Internationalremittances

arenowoneofthefastestgrowingusecases

ofmobilemoney,whilemerchantpayments

expandedby14%toalmost$74billionin2023.

Averagerevenueperuseralsoincreasedby

40%betweenSeptember2022andJune2023,

despiteslowingaccountandtransactiongrowth

rates.Thisclearlydemonstratesthecommercial

potentialofmobilefinancialservices.

Ofcourse,mobilemoneyalsoremainsaleading

driveroftheUnitedNationsSustainable

DevelopmentGoals(SDGs),contributingto15

ofthe17goals,includingSDG11(Sustainable

citiesandcommunities)andSDG12

(Responsibleconsumptionandproduction).

Asmobilemoneycontinuestogrowandevolve,

itopensupevenmoreopportunitiesforcitizens,

businessesandeconomiesacrosstheworld.

ThisreportwaspreparedbytheGSMA’sMobileMoneyprogrammeincollaborationwiththemobilemoneyindustry,

andwiththegeneroussupportoftheBill&MelindaGatesFoundation.

3

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

Editorial

Everyyear,theteambehindtheStateoftheIndustryReport(SOTIR)ischallenged–bothinternallyandexternally–onwhatnewangleoranalysisweplantopursue.Internally,we

arehelpedbyagrowingindustrydatabase:havingovertenyearsofdatahasenabledustodemonstratethatmobilemoneytrulyisanAfricansuccessstory.

Whilethisyear’sreportshowsthatSub-SaharanAfricahasthehighest

levelsofglobalmobilemoneyadoption,mobilemoneyhadincreased

grossdomesticproductintheregionbymore

than$150billionor3.7%between2013and2022.

Externally,weinvitedtheWorldBankto

contributetolastyear’sreport(SOTIR2023).

Thisexperimentworkedwell:manyreaders

wespoketolikedthistypeofcollaboration,

wherepeerscoveringthesamespacecould

worktogether.Similarorganisationsaskedifwemightwelcometheircontributions.Thisgave

ustheconfidencetocontinueinnovating–astheindustrycontinuestoevolve,thereport

thatcoversitshouldtoo.We’redelightedto

includecontributionsfromtheWorldBank,

theInternationalFinanceCorporationand

theBanqueCentraledesEtatsdel’Afriquedel’Ouest(theCentralBankofWestAfricaStates–BCEAO).

Forafewyears,wehavehighlightedWest

Africa’sevolutionasoneoftheindustry’sdrivers–ifnotthemainone.Thisyear,wedecidedto

includeafewstoriesfromtheregiononwhat

hassupportedthegrowthofmobilemoney

there.Regulationhasplayedanimportantrole

formanycountriesintheregion.Webriefly

exploredhowthishasimpactedtheWest

AfricaEconomicandMonetaryUnion,while

alsoshowcasingwhatimpacttherisingnumberofmobilemoneyserviceshashadonfinancialinclusioninNigeria.

Keepingtrackofthenumberofmobilemoney

servicesworldwideisanimportantactivity,

onewhichtheteammonitorsallyearround.

In2023,weauditedandrefreshedourMobile

MoneyDeploymentTrackertoensurethatall

providerslistedtheremetourdefinitionofa

mobilemoneyservice.Throughthis,wewere

pleasantlysurprisedtofindthatthenumber

ofmobilemoneyserviceshadgrownslightly–

from309in2022and310and2023.Weseethisasasignthattheindustryisstartingtomature,afactwebelieveissupportedbytheslowdowninregisteredandactiveaccountgrowthin2023.

Sinceitsinception,eachSOTIRhasreported

fastergrowthacrossarangeofmobilemoney

indicatorsthanthepreviousyear.In2023,

mobilemoneyadoptionandusecontinuedto

expand,butataslowerpace.Webelievethis

marksanaturaltransitionintheindustryaway

fromexponentialgrowthandtowardsmore

gradualexpansion.Asmobilemoneyisfurther

integratedintothedailylivesofmillions,we

expecttoseemoremoneyflowthroughthe

walletofatypicaluser–spreadacrossmore

transactionsofslightlylowervalue.

Astheindustrybeginstomature,theimpact

oftheCOVID-19pandemicstilllingers.Inlast

year’sSOTIR,wecomparedforecastsproducedin2019toactualdatawereceivedin2022.

Thisanalysisfoundthatin2022,therewere

300millionmoreregisteredaccountsthanour

2019forecastshadsuggestedtherewouldbe.

4

Someofthiscouldhavebeenduetotheimpactofthepandemic.In2023,wecarriedoutthe

sametypeofanalysisontransactionvalues

andvolumes.Wefoundthatbothtransaction

volumesandvaluesstartedsurpassingour2019forecastsin2021.By2023,transactionvolumeswerenearlytwo-thirdshigherthanforecast,

whiletransactionvalueswereoverathirdhigherthanforecast.

Finally,apopularactivityamongtheteamistofollowtheindustry’sprogressandhighlightthemostprominentstoriesinSOTIR.Most

ofourmonitoringshowedthattheindustry

isinnovatinganddevelopingstrategic

partnerships–especiallytoprovideadjacentservices.Forinstance,severalmobile-enabledinsuranceserviceshavebeenlaunchedin

partnershipwithmobilemoneyproviders,as

wellassomesavingsandmicroloanservices.Theseindustrydevelopmentscomplementourdataanalysiswell,showingmobilemoney’s

valuebeyondrisingnumbers.

RishiRaithatha&GianlucaStorchi

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

Imagecredit:F5

Contents

Foreword

3

Editorial

4

Executivesummary

7

Mobilemoneyin2023

9

2023Globaloverview

10

Regionalgrowthin2023

11

Towardsamaturingindustry:Mobilemoneyadoptionin2023

14

WestAfrica:Mobilemoney’snewpowerhouse

25

Balancingachangingecosystemandcommercialgrowth

32

Regulatoryandpolicytrendsin2023

52

Themobilemoneygendergapin2023

60

MobilemoneyandtheSustainableDevelopmentGoals

71

Appendices

84

GSMA

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

7

ExecutiveSummary

Between2013and2022,thetotalgrossdomesticproduct(GDP)incountrieswithamobilemoneyservicewas$600billionhigherthanitwouldhavebeenwithout

mobilemoney.

Thisistheequivalentofmobilemoney

increasingGDPbyaround1.5%overthesameperiod.Beyondcontributingtofinancialanddigitalinclusion,increasingmobilemoneyusehasledtohigherGDP–particularlyamong

countriesinEastandWestAfrica.

Mobilemoneyadoptionandactiveusecontinuedtogrowbutataslowerratethaninpreviousyears.

Registeredaccountsgrewto1.75billionin2023,a12%year-on-yearincrease.However,thisisa

lowerannualgrowthratethanthe15%seenin

2022and19%seenin2021.Accountsactiveonamonthlybasisalsogrewataslowyear-on-yearrate.Bytheendof2023,therewerearound435millionactivemobilemoneyaccounts–a9%

annualrise,comparedto13%in2022and15%in2021.

Agentnetworkscontinuedtogrow,drivenbyincreasedagentsinSub-SaharanAfrica.

Comparedto2022,registeredagentsgrewby22%in2023toreach18.6million,whileactive

agentsgrewby14%to8.3million.Theseagentswereresponsiblefordigitisingmorethantwo-thirdsofallthemoneyenteringthemobile

moneyecosystem:$307billionin2023,12%higherthanthepreviousyear.

Overthepastfewyears,WestAfricahasemergedasmobilemoney’snewpowerhouse.

In2023,overathirdofnewregisteredand

active30-dayaccountsgloballywerefromWestAfrica.ThiswasmorethananyotherregionwithNigeria,GhanaandSenegalthemaindrivers

ofgrowth.WestAfrica’svibrantmobilemoney

ecosystemhasdevelopeddifferentlyfromEastAfrica.Forinstance,WestAfricahasseenmorenon-mobile-network-operator(MNO)-ledmobilemoneyservicesemergetocompetewithMNO-ledproviders.

In2023,mobilemoneytransaction

volumesgrewfasterthantransactionvalues–leadingtoadropinaveragetransactionvalues.

Transactionvaluesgrewyear-on-yearby14%,lowerthanthe22%increaseseenin2022.

Similarly,transactionvolumesgrewataslowerratein2023(23%)comparedto2022(27%).

However,transactionvolumesgrewfasterthantransactionvalues.Mobilemoneyisnowusedmorefrequentlyalbeitforsmallertransactionsizesacrossalmostallusecases.Muchofthehigher-valuetransactionsoccurredduringtheheightoftheCOVID-19pandemicwhenthe

demandfordigitaltransactionswasveryhigh.

Internationalremittancesandmerchant

paymentswereamongthefastest-growingmobilemoneyusecasesin2023.

Transactionvaluesforinternationalremittancesgrewtoalmost$29billion,aone-thirdincreasecomparedto2022.Muchofthisgrowthwas

drivenbyWestAfrica.Merchantpaymentsgrewby14%,reachingaround$74billionin2023.

Manycustomersnowusemobilemoneytopayforgoodsandservices:in2019,oneinevery

tendollarscirculatinginthemobilemoney

ecosystemwasspentonmerchantpayments;in2023,thisgrewtotwoineverytendollars.

Interoperabletransactionscontinuedtorise,despiteaslowdowningrowthbetween2022and2023.

Collectively,bank-to-mobileandmobile-to-

banktransactionsgrewby15%year-on-year

to$210billionin2023.Manymobilemoney

usersaremakinginteroperabletransactions

morefrequently,whichhasledtoloweraveragetransactionvalues.Thisisduetomobilemoneyprovidersbeingconnectedtoanaverageof27banks–around50%morethantheprevious

year.

Someusecasesshrankforthefirsttime:transactionvaluesforbothbillpaymentsandbulkdisbursementsdroppedin2023.

Billpaymenttransactionvaluesfellby11%to

$75billion,whilebulkdisbursementvalues

droppedby1%to$83.6billion.Despitethis,

bothusecasessawhighertransactionvolumes:

GSMA

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

8

between2022and2023,billpaymentsgrewby23%,whilebulkdisbursementvolumesgrewin2023by10%.Boththesetrendswereheavily

influencedbyregulatorychangesinKenya,

wherebank-to-wallettransactionchargeswerereintroduced.

Moremobilemoneyprovidersareofferingmoreadjacentfinancialservices,suchas

credit,savingsandinsurance,comparedto2022.

In2023,nearlyhalfofallGlobalAdoption

Surveyrespondentsofferresponsiblecredit

–comparedtojustover40%in2022.During

thesameperiod,thenumberofmobilemoneyservicesofferingsavingsgrewfrom39%in2022to44%in2023.Severalmobilemoneyprovidersarebeginningtooffermicroinsurance:23%of

servicesofferedinsurancein2023,comparedto14%in2022.Whileinsuranceistheleastofferedadjacentservice,itgrewthefastest.

Mobilemoneyhasenabledmorewomentosavemoneythanotherfinancial

services.

Forinstance,inSenegal,only6%ofwomen

savedusingatraditionalbankorotherfinancialaccountin2021;aroundfourtimesmorewomenchosemobilemoneytosave.Kenya,Uganda

andZambiasawsimilartrends,wheretheshareofwomenusingmobilemoneyaccountstosavemoneywasmorethandoublethatofwomen

usingbankorotherfinancialaccounts.

Manymobilemoneyprovidershaveseen

anincreaseinaveragerevenueperuser

–from$2.2inSeptember2022to$3.2inJune2023–leadingtohigherprofitability.

OverallrevenuesamongGlobalAdoption

Surveyrespondentsgrewbyaround25%overthesameperiod.Mobilemoneyprovidershavebecomeincreasinglyprofitable:by2023,nearlythree-quartersofsurveyrespondentshad

positiveearnings.

Taxationremainsanimportantregulatorychallengeformanymobilemoney

services,thoughsomecountriesare

beginningtoabolishmobilemoneytaxes.

Mobilemoneytaxationisaconvenientrevenue-earningopportunityformanygovernmentsinSub-SaharanAfrica.However,bothGhanaandTanzaniahaveexperiencedthenegativeeffectsoftaxingmobilemoneytransactions:mobile

moneyusersbegantousecashaftermobile

moneylevieswereintroduced.Lowerresulting

mobilemoneytransactionsledtoareductionintaxrevenue.Tanzaniaeliminatedthelevy

onmobilemoneytransfersinJune2023,

whileGhanareducedthelevyonelectronictransactionsinJanuary2023.

Amongasubsetofcountriessurveyed,amobilemoneygendergapexistsin

all–exceptKenyawheremobilemoneyadoptionisalmostuniversal.

ThegendergapiswidestinPakistan(71%)

amongthecountriessurveyed,followedbyIndia(56%),Bangladesh(56%)andNigeria(46%).

Mobilemoneyownershipamongwomenin

Bangladeshhasstagnated,despiteanincreaseinwomen’sawarenessofmobilemoneyinthecountry.InSenegal,around30%ofwomenstilldonothaveamobilemoneyaccount–despitenear-universaladoptionamongmen.

AsakeyenableroftheUnitedNations’

SustainableDevelopmentGoals(SDGs),

mobilemoneynowcontributesto15SDGs–upfrom13in2019.

MobilemoneynowcontributestoSDG11–

Sustainablecitiesandcommunities,aswell

astoSDG12–Responsibleconsumptionand

production.Whilemobilemoneyremainsa

drivertowardsachievingtheSDGs,itcontinuestoimpactmillionsofpeopleintheirdailylives.Manymobilemoneyusersarenowableto

accessproductiveservicesthatwerepreviouslyinaccessible.

oftransactions

Value

$1.40tn

Year-on-year

growthrate

+14%

+12%

Year-on-yeargrowthrate

Activeagents

8.3m

Internationalremittancesprocessedperyear

$29bn

Year-on-year

growthrate

9

+33%

+14%

Year-on-yeargrowthrate

Registeredmobilemoneyaccounts

1.75bn

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

Mobilemoneyin2023

Active30-dayaccounts

435m

r+9%

Merchantpayments

processedperyear

$74bn

+14%

Year-on-yeargrowthrate

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

10

Accounts

Transactionvolume

+23%

Registered

18.6m

+22%

Active

8.3m

+14%

2023Globaloverview

Registeredmobilemoneyaccounts

1.75bn

+12%

Active30-dayaccounts

435m

+9%

Active90-dayaccounts

642m

+11%

Agents

Transactions

Transactionvalue($)

$1.4tn

+14%

Monthlyvaluesnapshot-December2023

DigitalIn CashOut CashInCirculating

DigitalOut

15%

22%

19%

27%

18%

DigitalIn

Bulkdisbursements6%

Bank-to-mobile7%

Incominginternationalremittances2%

Circulating

Merchantpayments5%

Person-to-personon-net21%

DigitalOut

Person-to-personoff-net4%

Airtimetop-ups1%

Billpayments5%

Mobile-to-bank8%

Outgoinginternationalremittances1%

*Note:hereandthroughoutthisreport,numbersmaynotadduptotheirrespectivetotalsduetoroundingerrors.

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

11

Region

Regionalgrowthin2023

Active(30-day)accounts

Transactionvolume

Transactionvalue($)

Registeredaccounts

Live

services

85bn+23%

1.4tn+14%

310

435m+9%

Global

1.75bn

+12%

Sub-SaharanAfrica

156

835m

+19%

234m

+12%

62bn+28%

912bn+12%

SouthAsia

36

401m

+11%

89m

+8%

12bn

+13%

214bn+17%

EastAsia

52

374m

77m

9bn

196bn

andPacific

+3%

+6%

+10%

+14%

LatinAmericaandthe

Caribbean

29

48m

-13%

19m

-13%

1bn

+6%

38bn+11%

MiddleEastandNorthAfrica

30

71m

+10%

9m

+41%

719m+57%

30bn+40%

Europeand

CentralAsia

7

26m

+8%

6m

+11%

391m+13%

7bn

+14%

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

12

GrowthinAfricain2023

Live

services

Registered

accounts

Active

(30-day)accounts

Transactionvolume

Transactionvalue($)

169

856m

+19%

237m

+13%

62bn

+28%

919bn

+12%

WestAfrica

NorthAfrica

Liveservices

68

Registeredaccounts

356m

+23%

Liveservices

13

Active(30-day)accounts

84m

+19%

Registeredaccounts

20m

+17%

Transactionvolume

19bn

+40%

Active(30-day)accounts

2m

+54%

Transactionvalue($)

347bn

+40%

Transactionvolume

150m

+44%

7bn+48%

Transactionvalue($)

CentralAfrica

Liveservices20

Registeredaccounts83m+19%

Active(30-day)accounts28m+18%

Transactionvolume5bn+25%

Transactionvalue($)72bn+19%

SouthernAfrica

Liveservices

Registeredaccounts

Active(30-day)accountsTransactionvolume

Transactionvalue($)

EastAfrica

15

23m

5m

592m6bn

53

372m118m

38bn488bn

Liveservices

+19%+7%+10%+2%

+16%+7%+23%-2%

Registeredaccounts

Active(30-day)accountsTransactionvolume

Transactionvalue($)

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

13

01

Towardsamaturing

industry:Mobilemoney

adoptionin2023

14Imagecredit:F

GSMA

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

15

Mobilemoneyhashadasignificantpositive

impactonlivesandlivelihoodsinmanyofthe

countrieswheretheseservicesoperate.Beyondimprovingfinancialinclusionandaccesstootherdigitallyenabledservices,theadoption,use

andgrowthofmobilemoneyarenowreflectedinmacroeconomicindicators:anincreasein

mobilemoneyadoptioncanleadtoarisein

GDP.Between2013and2022,a10-percentagepointriseinmobilemoneyadoptionwasfoundtohaveincreasedGDPby0.4%-1.0%1.Thisis

supportedbythreefactors:

?Higheradoptionofmobilemoneycombinedwithhighertransactionvalues;

?Anincreaseinecosystemtransactions,i.e.,internationalremittances,merchant

payments,andbillandbulkpayments;and

?Strongernetworkeffects,asmoreusers

adoptmobilemoneyandtransactwithmorepeople.

Basedondatacollectedbetween2013and

2022,thetotalGDPincountrieswithamobilemoneyservice(“mobilemoneycountries”)wasalmost$600bnhigherthanitwouldhavebeenwithoutmobilemoney(Figure1).

Thisisequivalent

tomobilemoney

increasingGDPby

1.5%attheendoftheperiod.

+$600bn

TOGDP

Figure1:SimulatedimpactofmobilemoneyonGDPinmobilemoneycountries,2013–2022

GDP(2017$PPP,trillions)

40

+1.5%

38

36

34

32

30

28

2013201420152016201720182019202020212022

GDPwithoutmobilemoney

Source:GSMA.(2023).

GDPwithmobilemoney

1GSMA.(2023).MobileMoney:HowDigitalPaymentshaveImpactedEconomicGrowth.

GSMA

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

16

MobilemoneyisoftenconsideredanAfrican

successstory,andinmanywaysitis.Sub-

SaharanAfricahasthehighestlevelsofmobilemoneyadoptionintheworld.Thisisevident

inmobilemoney’scontributiontotheregion’sGDP,whichattheendof2022wasmorethan

$150billionorequivalenttoincreasingGDPby3.7%(Figure2).

InEastandWestAfricawheremobilemoney

adoptionishighest,GDPincreasedevenmore–

by5.9%and4.1%,respectively,bytheendof2022.

Figure2:ContributionofmobilemoneytoGDPasof2022,byregion

Allmobilemoneycountries

+$600bn

+1.5%

EasternAfrica

1+5.9%

+$60bn

Sub-SaharanAfrica

+$150bn+3.7%

WesternAfrica

+$70bn

1··+4.1%

Source:GSMA.(2023).MobileMoney:HowDigitalPaymentshaveImpactedEconomicGrowth.

GSMA

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

17

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Registeredaccountscontinuetogrow,albeitmoreslowly

In2023,therewere1.75billionregistered

mobilemoneyaccountsglobally,12%morethanin2022(Figure3).Theyear-on-yeargrowth

ofregisteredaccountshasslowed,from15%in2022and19%in2021.Thissuggeststhatthe

industrycontinuestomature.Despitethistrend,registeredaccountshavegrownasaproportionoftheglobaladultpopulationinmobilemoneycountries.

Figure3:Registeredandactive30-dayaccounts,2013–2023

1,800m

1,600m

1,400m

1,200m

1,000m

800m

600m

400m

200m

0

1,754m

435m

Registeredaccountsasa%oftheadultpopulationinmobilemoneycountries

7%

10%

14%

19%

24%

29%

30%

34%

39%

45%

49%

Registered

accounts

Active30-Dayaccounts

Source:GSMAGlobalAdoptionSurveyandestimates,andtheWorldBank.

GSMA

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

Sub-SaharanAfrica’sshareofregistered

accountsincreasedfortwoconsecutiveyearsto48%in2023,thehighestsince2019(Figure5).In2023,morethan70%ofthegrowthin

registeredaccountswasinSub-SaharanAfricaandafifthinSouthAsia.WithinSub-SaharanAfrica,WestAfrica’sshareofregistered

accountsdoubledbetween2013and2023whileEastAfrica’swasalmosthalved.Thesetwo

subregions,togetherwithSouthAsiaandEast

AsiaandthePacific,accountformorethan85%ofallcurrentregisteredmobilemoneyaccounts.

2Hereandthroughoutthisreport,“activeaccounts”refertomobilemoneyaccountsthatareactivelyusedonamonthlybasis.

18

Overtime,therateatwhichregisteredaccountshavegrownhasvaried(Figure4).Thelowest

proportionofnewregisteredaccountsand

newactive30-dayaccountswasin2019,justbeforetheonsetoftheCOVID-19pandemic.Thelargestproportionofnewactive30-dayaccounts2andregisteredaccounts(13%each)

wereaddedin2020and2021,respectively,atthepeakofnationallockdowns.Datafromthe2023GSMAGlobalAdoptionSurveyonmobilemoneyshowedthatthepandemicwaspartlyresponsiblefordrivingthisincreaseddemandfordigitalpayments.

Figure4:Contributionstototalregisteredandactive30-dayaccountsbyyear,2001–2023

Registeredaccounts

2017201820192020202120222023

10%10%3%8%13%12%11%

Active30-dayaccounts

10%10%5%13%10%11%9%

Source:GSMAGlobalAdoptionSurveyandestimates

12%5%

11%6%

7%8%

2001–20132014

1.75bn

435m

9%

8%

2016

2015

In2023

70%

ofthegrowthinregistered

accountswasinSub-SaharanAfricaandafifthinSouthAsia.

GSMA

THESTATEOFTHEINDUSTRYREPORTONMOBILEMONEY2024

19

Sub-SaharanAfrica

Figure5:Shareofregisteredaccountsbyregionandsub-region,2013–2023

14%

15%

13%

11%

10%

10%

10%

9%

9%

8%

23%

%

%

21%

26%

30%

32%

33%

23%

23%

24%

23%

8%

7%

9%

11%

13%

19%

22%

24%

23%

21%

40%

31%

29%

26%

25%

27%

23%

21%

21%

21%

12%

14%

14%

15%

15%

17%

17%

16%

19%

20%

6%

8%

7%

5%

6%

5%

6%

6%

6%

6%

6%

201320142015