Global Mobile Money Accounts Surge 78% in Five Years, Approaching 700 Million

Financial inclusion has become more prioritized, especially in regions with limited banking infrastructure, leading to a spike in mobile money operations. By 2023, there were over 641 million of these accounts, a phenomenal 78% increase from 2018, according to Stocklytics.com.

The site’s financial analyst, Edith Reads, comments:

The growth of mobile money accounts can largely be credited to the increase in mobile money carriers. Additionally, in certain countries, the competition between mobile network operators and non-network providers has driven enhancements in mobile-led services, which has, in turn, strengthened user confidence and trust.

Stocklytics financial analyst, Edith Reads

Global Mobile Money Accounts

Mobile finance accounts have primarily surged in Africa and Asia. By the end of 2023, South Asia had over 125 million mobile money accounts, culminating in a 7% rise from 2022. East Asia and the Pacific also accounted for 131 million accounts, up from 127 million in 2022.

Sub-Saharan Africa had the largest adoption rate for mobile money operations, with roughly 335 million mobile finance accounts, most of which came from East and West Africa. Moreover, more than 30% of new registered and active 30-day accounts globally were from West Africa, more than any other region.

Latin America and the Caribbean, on the other hand, witnessed a slump in account numbers. The region closed 2022 with over 30 million registered accounts; however, in 2023, the number slipped to 27 million, marking an 11%  drastic fall.

Cumulatively, transaction volumes grew faster than transaction values in 2023. The sluggish growth in transaction values shows a rather persisting trend of carrying out smaller transactions worldwide. Much higher-value transactions occurred during the COVID-19 pandemic when the demand for digital transactions was very high.

However, in December 2023, the value of money circulating in the mobile money ecosystem rose astoundingly by 9% compared to the same period last year, hinting at a shift in user behavior away from basic transactions. 

Sub-Saharan Africa Adoption

The GDP of these Sub-Saharan nations increased by approximately $150 billion in 2022, a 3.7% increase in GDP value due to the contribution of mobile money. The GDP of West Africa rose by nearly 6%, indicating a reasonably advanced and effective mobile money system. Numerous mobile money services headed by non-mobile network operators (MNOs) have emerged in nations such as Nigeria, posing a threat to MNO-led companies.  

However, towards the end of 2023, some West African countries noticed a trail of frauds connected to mobile money accounts. In light of this issue, the Central Bank of Nigeria asked mobile money operators and PSBs to revalidate customers’ Bank Verification Numbers (BVN) or National Identity Numbers (NIN) by 31 January 2024. As a result, all tier-1 bank accounts and mobile wallets will either have a BVN or an NIN.