Over the past few years, mobile money has become an increasingly important financial tool for a growing segment of the African population. As the service becomes more diversified, it continues to gain maturity and conquer new markets across the continent

In 2022, Africa was the fastest-growing mobile money market in the world. In its "State of the Industry Report on Mobile Money 2023", the GSM Association (GSMA) reveals that the continent recorded 166 active services (out of 315 worldwide) and 781 million active accounts (48.81% of the world's 1.6 billion registered users), up by 17% compared to 2021.

The continent also accounted for 44.9 billion (+21%) financial transactions estimated at $836.5 billion (+22%). The amount represents 66.39% of the $1.26 trillion mobile money transactions recorded worldwide in 2022. 

East Africa remained the most dynamic sub-region on the continent with 390 million active accounts, 28 billion transactions, and $491.8 billion in transaction value. North Africa, due to its small size, recorded the lowest performance with 18 million active accounts, 97 million transactions, and  $4.7 billion in transaction value.

Infographic: Mobile Money Market in Africa (2022)

 Source: GSMA

According to the GSMA, despite this positive performance, there are lingering challenges that threaten financial inclusion. “Some countries have introduced taxes on mobile money transactions and fees that do not align with their financial inclusion objectives. Fraud also remains an industrywide issue, which many regulators are aiming to overcome through improved consumer awareness and capacity building,” the report indicates.