Mobile money reached two significant milestones in 2024, surpassing two billion registered accounts and over half a billion active monthly users across the globe. The industry took 18 years to achieve one billion registered accounts and 250 million active users from 2001, but doubled in size in the following five years.

This is according to the ‘State of the Industry Report on Mobile Money 2025’ prepared by the GSMA Mobile Money programme which works to advance the mobile money ecosystem for communities worldwide that lack access to more traditional banking services. 

Its latest report finds that transaction volumes and values for mobile money accounts experienced robust double-digit growth in 2024. Approximately 108 billion transactions, totalling over $1.68 trillion, were processed through mobile money accounts in 2024. Year-on-year, transaction volumes increased by 20%, while transaction values grew by 16%, up from a 13% increase in 2023. 

In Sub-Saharan Africa alone, year-on-year, mobile money added around $190 billion to GDP in 2023, demonstrating its sustained economic influence. Sub-Saharan Africa remains the world’s most active mobile money region, driven by new registered accounts and rising monthly activity in East and West Africa. East Africa was the leading driver of monthly active account growth in 2024, followed by Southeast Asia and West Africa. 

Mobile money continues to play a key role in economic development. By the end of 2023, the total GDP of countries with mobile money services was over $720 billion higher than it would have been without them, reflecting a 1.7% increase in GDP driven by mobile money.

Vivek Badrinath, GSMA Director General comments: “Mobile money has emerged as a powerful driver of financial inclusion and economic growth. Its continued success depends on supportive regulatory environments that promote innovation, accessibility and help unlock the full socio-economic potential. To ensure mobile money remains accessible, affordable, and safe, it is vital for governments and regulators to work with financial service providers to support financial literacy programs, empowering underserved populations and opening new opportunities for financial decision-making.”

KongaPay, a frontline mobile money platform and a member of the Konga Group, has signed a deal with Bibimoney, a UK-based industry leader to onbard 65 million Nigerians to access financial inclusion.

The partnership between both trusted platforms will promote person to person (P2P) transfers, bill payments with quality and trusted payment solutions to mobile money agents, merchants, businesses, donor agencies, government and individual consumers, among others.

KongaPay will leverage Bibimoney’s status as the world’s first interoperable mobile wallet to roll out an exciting solution for Nigerian users. The partnership will also raising standards in the fintech ecosystem in Nigeria and beyond.

The iconic partnership was signed at the prestigious House of Lords, London last week by Mr. Shiraz Jassa, CEO of Bibimoney and Dr. Leo Stan Ekeh, chairman of Konga Group and witnessed by Lord Anthony St. John of Bletso, chairman of Bibimoney, and many other distinguished guests.

In his pre-signing speech, Lord Anthony, said the world has so much confidence in Africa and the Middle East because of infinite possibilities that could emerge with companies like Konga with great credentials.

“We believe in the pedigree of ownership of such home-grown companies out of Africa and shall do our best to support KongaPay become a globally respected financial services company with the way technology is simplifying transactions borderlessly. Dr. Ekeh, we have many reasons to trust Konga,” he stated.

Also speaking, Mr. Shiraz, a highly respected fintech genius and CEO of Bibimoney, congratulated the chairman and management of the Konga Group for elevating governance and trust in the mobile money business.

‘‘I must tell you that a lot of companies had approached us for partnership, but your history and the profile of your investors distinguished you from the rest and that is why we are signing an exclusive partnership with KongaPay. I can assure you that a in few months, you will become a very exemplary company out of Africa in the Fintech world after we have implemented the tech backbone that shall drive your different platforms seamlessly,’’ he said.

On his part, chairman, Konga Group, Leo Stan Ekeh while appreciating Lord Anthony, the management of Bibimoney and other distinguished guests present, assured them that the vision of KongaPay remains very clear and that is to lead in Africa.

‘‘Our target is to onboard a minimum of 65m active Nigerians and Africans by the year 2025. As you are aware, we have complimentary benefits to extend to our customers unlike our competitors and that is, leveraging on our many verticals – Konga Marketplace, Konga Travel, Konga Health, Konga Food, Konga retail stores and many more to come. Most importantly, you can trust us. Thank you for the partnership,’’ he affirmed.    

Also, vice president, KongaPay, Isa Aliyushata, said, “This strategic alliance is coming at a time that technology is changing the way financial services are performed. In the next few months, users will be thrilled with a unique simple solution that is network-provider interoperable and accommodates any type of phone in the world.”

Continuing, he stated: ‘‘KongaPay will also be rolling out lots of payment solutions that will facilitate cross-border payments, promote branchless and borderless trading across the world.  This, of course, keys in with the Federal Government’s bid to promote the benefits of the African Continental Free Trade Area (AFCFTA).

“As we grow our customer base which currently stands at two million, we would be expanding the range of services we provide in the next few months with lots of product offerings and benefits that are too great to ignore. KongaPay will continue to promote payment with trust,’’ he concluded.

The epoch-making partnership places KongaPay in a stronger position to grow its market share, while offering its growing customer base more exciting options and changing the narrative of financial inclusivity in Nigeria.

Licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), KongaPay has, since inception, played a key role as a leading provider of digital payment services for e-commerce transactions and other mobile money services in Nigeria. Likewise, Bibimoney is an award-winning mobile money platform, with global recognition and partnerships in Botswana, Mozambique, Malawi and the Solomon Islands, among others.

To spur financial inclusion and support economic growth in Senegal and Côte d’Ivoire, IFC announced €90 million investment in Wave Mobile Money S.A. (Senegal) and Wave Côte d’Ivoire S.A., mobile money firms that are helping lower prices and expand services in the region.

The investment from IFC and other lenders will help Wave substantially grow its operations in Côte d’Ivoire and Senegal, deepen its product offering, and expand its customer base for mobile money accounts and quality payment services.

IFC package comprise a €25 million loan from IFC’s own account, B Loans of a combined €41 million from Symbiotics, Blue Orchard, responsAbility, and Lendable, as well as parallel loans of €24 million from Finnfund and Norfund.

IFC’s partnership with Wave will help meet the soaring growth in demand for digital payments and mobile money in West Africa in part spurred by the COVID-19 crisis. Access to digital financial services remains limited in the region with only 24 percent of active mobile money accounts compared to 34 percent in East Africa in 2020.

“Wave’s vision of making Africa the first cashless continent, by building affordable and user-centric solutions, matches IFC’s ambitions of universal financial inclusion,” said Coura Sene, Wave Mobile Money’s Regional Director for the West African Economic and Monetary Union (WAEMU). “This investment by IFC and other lenders helps us offer a diversity of financial products, encouraging users to stay within the formal financial sector, deepening financial inclusion in the region.”

“Supporting access to financial services for low-income, unbanked populations is a key priority for IFC,” said Aliou Maiga, IFC’s Regional Director for West and Central Africa. “Our investment in Wave will not only promote inclusive finance, but it will also significantly contribute to further advance digital economy solutions in West Africa.” 

In addition to helping to finance the companies’ operations, IFC’s support will help establish a mobile money environment where customers are able to transact more often thanks to a simple fee structure and lower transaction costs. This will foster higher frequency of transactions, new payment methods and growing overall value of payments processed by the users, particularly among lower income customers.

In September 2021, IFC invested $5 million as a co-investment with Partech Africa as part of the Series A funding round in Wave Mobile Money Holdings Inc.

IFC has invested or mobilized more than $1.25 billion in the African technology ecosystem over the past six years.