Mobile money took 20 years to reach $1 trillion in annual transactions. Four additional years were enough to double that amount. In 2025, more than $2 trillion of mobile money transactions were conducted all around the world, and Sub-Saharan Africa made two-thirds of that amount.
The figures, provided in the GSMA’s recent industry report, verify the reality that those who pay for transportation, airtime, or a match ticket using their phones are familiar with. From market traders to sports fans who fund accounts on sites like https://afropari.ng/en, mobile wallets are now part of daily life. But the same report contains a less flattering figure: most accounts are not used in a typical month.
The Headline Numbers
The GSMA State of the Industry Report on Mobile Money 2026, published in March, gives a clear picture of the market at the end of 2025.
| Indicator | Figure |
| Global transaction value, 2025 | More than $2 trillion |
| Sub-Saharan Africa transaction value | $1.4 trillion (about 66% of the total) |
| Registered accounts worldwide | 2.3 billion |
| Registered accounts in Sub-Saharan and North Africa | 1.2 billion |
| Active 30-day accounts worldwide | 593 million |
| Active 30-day accounts in Africa | 347 million |
| Live services worldwide | 347 in 102 countries |
| Registered agents | 30 million, up 16% |
Africa is not just a big market for mobile money. It is the centre of the industry.
West Africa’s Growing Share
However, East Africa still retains its position as the most valuable region with $806 billion worth of transactions. However, West Africa is not far behind, with $498 billion in transactions, and it outdoes East Africa in the total number of services provided.
The region offers 76 live mobile money services compared to 62 in East Africa and 20 in Central Africa. West Africa created 16% of all the new active accounts worldwide in 2025 after East Africa.
The higher the number of services, the higher the level of competition. That would mean lower fees, better applications, and merchant acceptance for users and fierce competition for service providers.
Three in Four Accounts Sit Idle
Here’s what’s behind the headlines. Based on the GSMA, monthly usage had attained 25.7% in 2025. This represents the highest usage since 2021; however, it also implies that almost three-quarters of accounts go unused during a month.
Why do accounts remain dormant? There is a prevalent pattern which we all know; this is where an account is created for one particular task – such as receiving a transfer – after which the user returns to using cash.
There are several reasons why accounts remain unused:
- Many retailers and marketplaces still favor cash for smaller transactions.
- Transaction fees might be seen as relatively expensive for low-value transfers.
- It has been noted that some people hold multiple accounts with different operators but utilize only one account.
- Agents continue being important, and cash-in and cash-out remain crucial elements in the journey.
The latter is particularly noteworthy: agents handled about $430 billion in cash-in and cash-out in 2025, up by about 20% compared to last year.
Where Daily Use Comes From
The services that sustain account activity are the ones that are used on a weekly basis. Top-up of airtime and data, utility bills payments, transport and merchant payments form habits. One-time transactions do not.
Entertainment is an inseparable component of this list. Subscriptions for streaming platforms, game purchases, and sports apps all depend on fast mobile payments. In the case of betting platforms, users make deposits and withdrawals of small sums from their wallets. In such cases, the transparency of the transaction fees and age limits are as important as its speed.
Insurance is yet another indicator of change. According to the GSMA, the number of mobile money operators that offer insurance increased by one-third. Savings, credit and insurance are incentives to keep money in the wallet and not withdraw them immediately.
What Providers Are Doing
Over 60% of the service providers said that the policies related to interoperability, know-your-customer and consumer protection were helpful for their business. The importance of interoperability is even more pronounced. If wallets offered by various providers are able to transfer funds to one another with ease, the user does not have to maintain multiple accounts.
There are always new market players that come up as well. In 2025 four services started operation in Africa, such as Wave Mobile Money in Cameroon and Gozem Money in Togo.
What to Watch in 2026 and Beyond
In the next GSMA report, we will see whether the industry is able to convert registered users into habitual ones. These three emerging trends are worth keeping an eye on:
- The growth of monthly usage above 25.7%, thanks to increased acceptance of the wallets by merchants.
- The degree of catching up of West Africa in terms of value with East Africa.
- The time for which savings and insurance products keep the money within wallets.
Mobile money has transformed payments in the region, but the next step should be making users habitual rather than acquiring new ones.