Global mobile money transactions surpassed $2 trillion in 2025, the industry’s most significant financial milestone yet, with Sub-Saharan Africa accounting for the largest share of new account growth, according to the Global System for Mobile Communications Association (GSMA) State of the Industry Report on Mobile Money 2026, released today.
It took the mobile money industry 20 years to record its first trillion dollars in annual transaction value, but just four years for that figure to double. The speed of that doubling signals a structural shift in how hundreds of millions of people, most of them previously unbanked, now manage financial transactions.
The industry now has 2.3 billion registered accounts globally, adding 268 million new accounts in 2025 alone. Monthly active accounts rose 15% to 593 million, the highest growth rate since 2021, with most of those new active users coming from Sub-Saharan Africa.
GSMA Director General Vivek Badrinath said what began as a simple peer-to-peer transfer tool has evolved into a full financial ecosystem that is reshaping how people manage their financial lives. He identified interoperability, consumer protection, fraud controls, and women’s financial inclusion as the areas requiring the most urgent industry attention going forward.
The report highlights both the promise and the persistent gaps. Despite the headline growth, nearly 75% of all registered accounts remain inactive on a monthly basis. Transaction taxes in several markets are actively discouraging digital payments and pushing users back toward cash, working against financial inclusion goals.
Gender parity in mobile money usage remains a significant challenge across most markets. In seven out of 10 countries surveyed, women who own a mobile money account are still less likely than men to have used it within the past month. Ghana, Kenya, and Nigeria stand out as the only three countries where this gap does not exist.
The report also points to growing sophistication in the services being offered. The number of mobile money providers offering insurance products increased by one third in 2025, while mobile-enabled credit remains the most widely offered adjacent service, closely followed by savings products.
On regulation, over 60% of mobile money providers say interoperability, know-your-customer, and consumer protection regulations have supported their operations. However, cross-border data transfer regulations remain a significant obstacle, with 24% of providers reporting that these rules have hindered growth.
The GSMA estimates that the industry directly supports economic growth in every country where mobile money operates, providing financial infrastructure to populations that traditional banking has not reached.
