Sub-Saharan Africa remains the most active region for mobile money, with East and West Africa seeing the highest growth in registered accounts and monthly usage. (Image source: Adobe Stock)

The ‘State of the Industry Report on Mobile Money 2025’, published by the GSMA Mobile Money programme, highlights two major milestones for the mobile money industry in 2024—crossing two billion registered accounts and more than half a billion active monthly users worldwide

This marks a significant acceleration in adoption, as it took the industry 18 years to reach one billion registered accounts and 250 million active users, but only five more years to double that growth.

According to the report, transaction volumes and values saw strong double-digit increases in 2024. An estimated 108 billion transactions, worth over US$1.68 trillion, were processed through mobile money accounts. Compared to 2023, transaction volumes surged by 20%, while values rose by 16%, up from 13% the previous year.

Vivek Badrinath, GSMA director general, commented, “Mobile money has emerged as a powerful driver of financial inclusion and economic growth. Its continued success depends on supportive regulatory environments that promote innovation, accessibility and help unlock the full socio-economic potential. To ensure mobile money remains accessible, affordable, and safe, it is vital for governments and regulators to work with financial service providers to support financial literacy programs, empowering underserved populations and opening new opportunities for financial decision-making.”

Sub-Saharan Africa leads

The report also underlines mobile money’s growing economic impact. By the end of 2023, countries offering mobile money services experienced a collective GDP that was over US$720bn higher than it would have been without them, translating to a 1.7% increase. Sub-Saharan Africa alone accounted for US$190bn of this, affirming the region’s leading role in mobile money innovation.

Sub-Saharan Africa remains the most active region for mobile money, with East and West Africa seeing the highest growth in registered accounts and monthly usage. In 2024, East Africa led monthly active account growth, followed by Southeast Asia and West Africa. The East Asia-Pacific region also made significant gains, ranking second in growth of monthly active accounts—driven by favourable regulatory conditions in Cambodia, Fiji, the Philippines, and Vietnam.

According to the GSMA, providers in East Asia and the Pacific are increasingly evolving into full-service financial platforms. “The most successful providers are often those who are actively innovating the breadth of their offerings,” the report noted.

Mobile money services have expanded to include adjacent financial products like credit, savings, and insurance. As of June 2024, 44% of providers offered credit—making it the most common—while about a third offered savings, and 28% provided insurance products.

Despite this momentum, the report flags ongoing adoption challenges, particularly among women. Of the 12 countries surveyed, eight still report a gender gap in mobile money ownership, with minimal improvement since 2023. Barriers such as limited awareness and low digital financial literacy persist—especially for women.

However, women who do own accounts are nearly as likely as men to have used them within the last 30 days. “To address these challenges,” the GSMA explained, “nearly 60% of mobile money providers have launched digital financial literacy initiatives to improve financial skills and drive adoption over time.”

MTN partners with Synamedia to offer a cloud-based streaming platform for mobile and broadband users in Africa. (Image source: MTN)

MTN Group, the continent’s top mobile network operator, has teamed up with video software leader Synamedia to introduce a new streaming service designed specifically for both mobile and fixed broadband users in Africa

The initiative aims to make digital content more accessible and offer diverse entertainment tailored to evolving audience tastes across African markets.

The upcoming service will be powered by Synamedia’s cloud-based video delivery technologies, enabling a mix of live TV and on-demand streaming. It will support various revenue models—from subscriptions and free ad-supported streaming to hybrid formats—providing viewers with a range of flexible options. Each region’s platform will feature curated content that reflects local languages, cultures, and viewing habits for maximum relevance and audience engagement.

Synamedia’s robust technology stack will be integral to powering seamless content operations, enabling high-quality delivery and personalised user experiences. The platform is being developed to scale quickly and deliver consistent performance across MTN’s extensive footprint.

“We see a unique opportunity to transform video consumption in Africa with high-quality, accessible, and relevant content. This partnership enables us to leverage cutting-edge technology and deep customer insights to enhance entertainment experiences and drive digital inclusion,” said Selorm Adadevoh, group chief commercial officer at MTN Group.

Paul Segre, Synamedia CEO, added, “Thanks to MTN’s leadership and innovation, smartphone owners across Africa will be able to enjoy innovative linear TV and on-demand video. By taking advantage of the breadth of our integrated, cloud-based portfolio to quickly deploy new services at scale, MTN will be able to create a groundbreaking set of offerings for customers and viewers that will drive new revenues.”

The partnership marks a joint commitment from both companies to foster digital growth in Africa. With a focus on locally relevant content and cutting-edge technology, the new service aims to bridge the digital divide, support community development, and revolutionise how Africans consume entertainment.

Also read: MTN pioneers eSIM technology in South Sudan

By MTN South Sudan and NCA, launching eSIM technology for improved connectivity and customer experience in South Sudan’s telecom industry. (Image source: Adobe Stock)

MTN South Sudan, in partnership with the National Communications Authority (NCA), has officially rolled out electronic SIM (eSIM) technology in the country.

MTN claims to be the first operator to bring eSIM technology to South Sudan.

The NCA, as the regulatory body, has expressed its commitment to supporting MTN and other mobile providers in introducing eSIM-compatible smartphones.

"Today marks another milestone in South Sudan’s telecommunications journey. As MTN, we are proud to be the first operator in the country to launch eSIM technology. This is not just about innovation; it’s about simplifying connectivity and delivering convenience to our customers,"commented Ali Monzer, CEO of MTN South Sudan.

Napoleon Adok Gai, director general of the NCA, emphasised that eSIM technology enhances customer experience and security. He also highlighted the importance of customer support and education in this development.

Lyca Group unveils reorganisation to boost growth, expand in Africa, streamline operations, and enhance global digital capabilities. (Image source: Adobe Stock)

Lyca Group has announced a strategic reorganisation aimed at fostering growth, optimising operations, and enhancing its digital capabilities

A major component of this strategy involves strengthening its Mobile Network Operator (MNO) presence in Africa, building on its current operations in Uganda. The company plans to expand into additional African markets by early 2025. Additionally, Lyca intends to launch new digital brands in Spain and the USA, highlighting its global growth ambitions.

“This paradigm change not only enhances our efficiency but also strengthens our ability to adapt to a rapidly changing industry, ultimately benefiting our customers, partners, and employees globally,” said Premananthan Sivasamy, deputy chairman of Lyca Group.

The reorganisation will centralise Lyca’s global business services into key hubs in strategic locations while creating streamlined, sales-focused operations in specific markets.

By utilising its existing service centres and establishing new ones, the company aims to improve customer experiences, drive cost efficiencies, and accelerate its market growth plans.

As part of its transformation, Lyca is focusing on enhancing digital capabilities to deliver innovative telecom solutions more efficiently. This effort includes reducing functional redundancies, automating processes, and redirecting cost savings toward growth and customer-centric initiatives.

“Lyca’s strategic reorganisation is a bold step forward, ensuring we remain a leader in delivering affordable, high-quality telecom solutions to our customers globally,” Sivasamy added.

Lyca remains committed to its workforce, retaining a smaller team in London to oversee advisory, compliance, and financial functions. Other roles will transition to existing and new service centres, allowing the company to reinvest in innovation and business development.

The company has also initiated a consultation process with employees to ensure a seamless transition, maintaining its commitment to high standards of service and collaboration.