Mobile money usage worldwide has continued to gain momentum, as millions of people now use their cell phones to manage their finances.
A state of the industry report on mobile money 2025, revealed that last year, savings was the second fastest-growing mobile money adjacent financial service. In 2024, 34% of mobile money providers were reported to be offering savings services, up from 23% in 2023.
As a result, the cumulative number of unique customers who transferred funds to a savings account grew by 80% between September 2023 and June 2024. This includes customers using a dedicated interest-bearing savings account (where regulations permit) or others who use mobile money accounts as a reliable store of value.
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Demand-side data supports this latter point. In several African and Asian countries, mobile money is being used by more customers to save money. The number of customers saving money via mobile money over the past 12 months grew by more than 20 percentage points in Ethiopia, India, Indonesia and Nigeria.
Customers who used mobile money to send money to a savings account in the past 12 months in Nigeria, from 2023 and 2024, grew from 40% to 71%. Senegal grew from 5% to 8%, Bangladesh grew from 7% to 14% and Pakistan grew from 3% to 15%. Significant increases were also observed in Pakistan and Uganda.
Notably, a high number of users were already using mobile money to save money in Kenya in 2023, leading to a modest rise in 2024. As of 2023, responses to the 2024 GSMA Global
Adoption Survey suggest that women continue to rely on mobile money to save money. Among MMPs that offer savings accounts, the number that collect gender-disaggregated data remains small but has grown by nearly half year on year. MMPs that collected this data reported a 91% increase in the cumulative number of unique female customers saving money via mobile money.
Growth of savings on mobile money platforms reflects a broader trend in which mobile money services are transitioning from simple payment tools to more comprehensive digital financial ecosystems. This growth is majorly attributed to ease of access in making deposits and withdrawals.
As competition in the mobile money space intensifies, providers are seeking to differentiate themselves by offering value-added services that meet the broader financial needs of their users. Savings products, in particular, serve a dual purpose: they not only help users manage their money more effectively but also deepen engagement with the platform and foster long-term customer loyalty.
The increased availability of savings services can be attributed to several factors. First, there is a growing demand among users especially in underserved or unbanked regions for tools that allow them to securely store and grow their money. Mobile money platforms, which often offer easier access than traditional banks, are well-positioned to meet this need. By offering savings accounts or wallet-based savings features, MMPs can help users cultivate better financial habits, build resilience, and achieve their financial goals.
Second, regulatory environments in many markets have become more supportive of financial inclusion, encouraging mobile money operators to expand their range of services. Partnerships between mobile money providers and financial institutions have also played a critical role, enabling the integration of savings accounts that are backed by banks, thus adding a layer of security and trust for users.
Third, advancements in technology have made it easier and more cost-effective for mobile money platforms to roll out savings products. Digital onboarding, mobile KYC (Know Your Customer) processes, and intuitive user interfaces have lowered the barriers for both providers and users to adopt these services.
Looking ahead
The upward trajectory of savings on mobile money platforms is a positive indicator of the shift toward more holistic financial offerings. If this trend continues, savings could soon rival core mobile money services in terms of both relevance and user adoption marking an important milestone in the journey toward greater financial inclusion and economic empowerment through digital finance.