A recent survey reveals a significant surge in mobile financial services adoption across Africa. Nearly half of the respondents (49%) use both mobile payments and mobile banking, while 36% rely solely on mobile banking, and 10% use only mobile payments.
Only 5% of respondents reported not using any mobile financial service.
Growing Mobile Finance Adoption in Africa
Across Africa, mobile finance is revolutionizing how people access and manage money. With traditional banking infrastructure limited in many regions, mobile financial solutions have emerged as a game-changer, bridging gaps in financial inclusion, and empowering millions.
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Mobile money services, led by platforms like M-Pesa, Airtel Money, and MTN MoMo, have experienced explosive growth. From enabling peer-to-peer transactions to facilitating bill payments and cross-border remittances, these services have become a financial lifeline for individuals and businesses.
According to industry reports, Africa accounts for nearly 70% of the world’s mobile money transactions, highlighting the continent’s leadership in digital financial innovation. The use of mobile financial services has seen a remarkable increase, rising from 63% in 2023 to 85% in 2024. Currently, 95% of respondents use either mobile banking, mobile payments, or both.
Kenya leads in mobile payment adoption, with 28% of respondents actively using mobile payment apps far above the continental average of 10%. South Africa and Morocco report higher-than-average mobile banking usage, with 50% and 52% adoption rates, respectively, compared to the continental average of 36%.
The Security Challenge of Mobile Transactions
Despite its rapid growth, mobile finance in Africa faces challenges such as cybersecurity threats, regulatory complexities, and digital literacy gaps. The Communications Authority of Kenya (CA) reported a 333% surge in mobile application threats between July and September 2024, with cybercriminals targeting user data, including login credentials and financial details.
However, these hurdles present opportunities for further innovation. Strengthening digital infrastructure, improving financial education, and enhancing cybersecurity measures will be crucial in sustaining the momentum of mobile finance adoption.
Looking more broadly, the continued rise in mobile data usage underscores Africa’s mobile-first approach to internet connectivity. This trend has significant implications for cybersecurity.
Increased digital financial inclusion: The rise in mobile banking and payments indicates greater financial inclusion through digital means, which is generally positive for economic development in Africa.
Increased attack surface: Firstly, more mobile usage and mobile financial services users mean a larger attack surface for cybercriminals. Users are generally less vigilant on their smartphones and tablets compared to traditional computers, making them more susceptible to malicious attacks. Secondly, with more people conducting financial transactions on potentially unsecured and secondhand devices, the risk and impact of cybercrime have increased.
The growing trend of unlocked cellphone theft in the region highlights this issue. In South Africa, an average of 189 cell phones are stolen daily, with women being predominantly targeted. Stolen devices, particularly when unlocked at the time of theft, grant criminals’ access to sensitive data including banking apps and personal information.
Blurred lines between personal and professional: The increase in WhatsApp usage for work (from 89% in 2023 to 93% in 2025) shows a further blurring of lines, between users’ personal and professional lives. This can lead to increased risks, as personal devices may not have the same level of security as corporate-managed devices.
Need for mobile-centric security education: The survey results suggest a pressing need for cybersecurity education that focuses specifically on mobile security and best practices for using personal devices for work-related tasks. There’s also a clear need for cybersecurity education specifically tailored to mobile financial services, focusing on secure transaction practices and recognizing financial fraud attempts.
The Future of Mobile Finance in Africa
As mobile transaction continues to gain traction, its impact will extend beyond payments and banking. Sectors like agriculture, healthcare, and education are increasingly integrating mobile financial solutions to streamline operations and improve service delivery.
With advancements in blockchain, artificial intelligence, and open banking, the next phase of mobile finance in Africa promises to be even more transformative, driving economic inclusion and financial empowerment across the continent.