16 March 2025
Mobile money has surged in Africa’s rapidly digitizing economy. Active mobile money accounts in the world grew from only 13 million in 2010 to over 640 million by 2023ourworldindata.org. This exponential growth has made Africa the epicenter of mobile payments: in 2024 alone, roughly 108 billion transactions (worth over $1.68 trillion) flowed through mobile money platforms globallygsma.com. Sub-Saharan Africa leads this boom – two-thirds of those accounts, with more than 1.1 billion registered accounts on the continent by 2024gsma.com. Telecom operators and fintech startups alike have driven this trend, opening access for millions who lacked traditional bank accounts.
Behind these numbers are game-changing platforms. For example, MTN Group (the pan-African mobile operator) reported 63 million active MoMo (mobile money) users in 2024, handling over 20 billion transactions worth $320 billion across its networksmtn.com. Meanwhile, fintech companies are expanding fast: Flutterwave’s 2024 report highlights expanding into new markets (Ghana, Rwanda, Uganda, Zambia and pending Mozambique), now supporting 150+ currencies and powering millions of paymentsthepaymentsassociation.org. Asia’s top mobile money shows Africa’s lead – ten years ago mobile money was almost unique to Sub-Saharan Africa, and by 2023 Africa still hosts the largest share of usersourworldindata.orggsma.com. Even multinational lenders see the change: the European Investment Bank notes African fintech firms jumping from 450 (2020) to 1,263 (early 2024)eib.org, underscoring how digital finance is proliferating faster than ever.
For African businesses and consumers, mobile money and digital payments have been liberating. In Nigeria, for instance, cash usage has plummeted as e-payments spiked – from 2018 to 2024 electronic transactions grew 16-fold, while cash transactions fell by 59%thisweekinfintech.com. Similarly, Ghanaian merchants are embracing new options: Flutterwave recently launched “Pay With Bank Transfer” in Ghana, tapping into the 115 million bank transfers Ghanaians made in 2023thecondia.com. These services give small traders and SMEs the ability to accept transfers, cards, and mobile wallets, reaching more customers. Cross-border remittances have also modernized: Flutterwave’s Send App and others let Africans abroad send funds directly to African bank or mobile accounts, helping communities pay for food, rent, education and even celebrationsthepaymentsassociation.org.
The broader opportunity is enormous. According to Mastercard, Africa’s digital payments economy is projected to hit $1.5 trillion by 2030, supported by rising internet access and financial inclusionmastercard.com. Internet penetration in Africa is forecast to grow at about 20% per year, with inclusion at 6% annuallymastercard.com – trends that will turbo-charge mobile and online finance. For businesses and governments, this means faster, more transparent commerce and bigger markets. For consumers, it means moving from cash to secure digital wallets – often for the first time.
Of course, challenges remain. Intermittent networks, cybersecurity, and gaps in digital literacy mean not everyone benefits equally. But the trajectory is clear: mobile money and fintech are unlocking new economic possibilities across Africa. From remote villages where USSD menus help farmers get paid, to city entrepreneurs accepting QR code scans, digital finance is reshaping everyday life. As one of Africa’s growing fintech players, iSmart sits at the crossroads of these trends – integrating VAS and payment solutions so even more Africans can tap into this mobile money revolution.
Key insight: Mobile money is now a mass-market backbone in Africa, with growth that dwarfs traditional finance. (E.g., over 640M active accounts and $1.68T in 2024 transactionsourworldindata.orggsma.com.) Consumers and SMEs benefit from new payment rails – from MTN MoMo and M-Pesa to banking APIs – heralding a digital economy explosion. The future of commerce in Africa is mobile.
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