Mobile money transactions reached a record $2 trillion in annual value during 2025, according to the GSMA’s State of the Industry Report on Mobile Money 2026. The figure marks a significant milestone for the payment system, which crossed the $1 trillion threshold just four years earlier after two decades of growth.
The report found that monthly active mobile money accounts grew 15 percent year-on-year to 593 million. Moreover, this represented the highest growth rate for active accounts since 2021. Sub-Saharan Africa accounted for the largest share of active accounts, though the GSMA noted nearly every region where the service operates recorded an increase.
Registered Accounts Climb to 2.3 Billion
The total number of registered mobile money accounts rose to 2.3 billion in 2025, up from just over 2 billion at the end of 2024. In addition, the total value of transactions climbed from $1.7 trillion in 2024 to $2 trillion in 2025, reflecting accelerating adoption of the digital payments system globally.
“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.”
Vivek Badrinath, Director General, GSMA
Barriers to Adoption Remain
Despite the growth, the report identified several challenges limiting broader adoption. Almost 75 percent of accounts were classified as inactive on a monthly basis. Furthermore, fraud and transaction taxes were cited as factors that often push users back toward cash, particularly in markets where such taxes are in effect, negatively affecting financial inclusion.
The GSMA acknowledged positive regulatory developments in some markets, specifically around interoperability and consumer protection. However, cross-border data transfer rules continue to pose challenges in other regions. The report also described a persistent wide gender gap in mobile money service adoption across many assessed markets.
Providers Expand Beyond Core Payment Services
The GSMA identified a continuing trend of mobile money operators broadening their service offerings beyond basic payments. During 2025, the number of operators selling insurance products increased by one third. Credit remained the most widely offered adjacent financial service, followed closely by savings accounts.
Outlook for the Mobile Money Industry
Badrinath said the industry’s growing scale and sophistication will bring both new opportunities and new responsibilities. He stated that prioritising interoperability, cross-border harmonisation, digital public infrastructure, consumer protection, fraud controls, and women’s financial inclusion would be essential to ensuring the sector continues to deliver safe and sustainable digital financial services.
The GSMA’s annual report compiles data submitted by mobile money providers worldwide and serves as the primary benchmark for tracking the sector’s global performance.