Africa Mobile Money Market Growth, Size, and Forecast Report 2026-2034

Africa Mobile Money Market Overview

Market Size in 2025: USD 9.18 Billion

Market Size in 2034: USD 67.18 Billion

Market Growth Rate 2026-2034: 25.30%

According to IMARC Group's latest research publication, "Africa Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026-2034", The Africa mobile money market size reached USD 9.18 Billion in 2025. Looking forward, IMARC Group expects the market to reach USD 67.18 Billion by 2034, exhibiting a growth rate (CAGR) of 25.30% during 2026-2034

How AI is Reshaping the Future of Africa Mobile Money Market

• AI-Powered Fraud Detection: Real-time transaction monitoring systems analyze patterns to identify suspicious activities and prevent financial crimes, protecting millions of users and building trust in digital financial services across Africa.

• Enhanced Credit Scoring: Machine learning algorithms assess transaction histories and behavioral analytics to provide microloans and insurance products to previously unbanked populations, enabling financial institutions to serve underserved communities effectively.

• Smart Customer Support: AI-driven chatbots and multilingual support systems improve user experience by providing instant assistance, transaction help, and financial literacy education across diverse African markets and languages.

• Operational Efficiency: AI streamlines mobile money operations through automated processes, predictive analytics for network optimization, and intelligent routing systems that reduce transaction times and costs for service providers.

• Blockchain Integration: AI combined with blockchain technology enhances security measures, ensures transparent transactions, and supports cross-border payment innovations, positioning Africa as a leader in financial technology adoption.

Grab a sample PDF of this report: https://www.imarcgroup.com/africa-mobile-money-market/requestsample

Africa Mobile Money Market Trends & Drivers:

Africa mobile money market is experiencing explosive growth driven by unprecedented financial inclusion initiatives and technological innovation. With over 1.1 billion registered accounts across Sub-Saharan Africa processing $1.1 trillion in transactions annually, the region dominates 74% of global mobile money activity. The sector contributes approximately $190 billion to Africa's GDP, representing a 5% GDP increase in key markets like Kenya, Ghana, Nigeria, and Côte d'Ivoire. This remarkable expansion stems from the massive unbanked population of 350 million adults who lack access to traditional banking, coupled with widespread mobile phone adoption reaching 84% network coverage across the continent. Supportive government policies, regulatory frameworks promoting interoperability, and strategic partnerships between telecom operators and fintech companies are accelerating adoption rates, while innovative services extending beyond simple transfers to include savings, loans, insurance, and investment products are transforming the entire financial landscape.

The rapid advancement of mobile network infrastructure and affordable smartphone proliferation are revolutionizing digital financial access across Africa. With 4G/5G networks expanding to cover major urban centers and penetrating rural areas, mobile data costs have dropped by 42% since 2020 to just $1.85 per GB, enabling broader participation in the digital economy. USSD technology, accounting for 63.5% of transactions, ensures accessibility even on basic feature phones, while mobile wallets are growing at 16.8% CAGR as smartphone adoption increases. Kenya's M-Pesa leads innovation by enabling users to purchase stocks directly through mobile wallets, while Ghana's universal mobile wallet adoption and Nigeria's emerging MoMo PSB infrastructure demonstrate the diverse regional dynamics. The integration with e-commerce platforms positions mobile money to support over 500 million expected e-commerce users by 2025, with fashion and electronics sectors projected to generate billions in mobile-enabled revenue across the continent.

Cross-border payments, merchant acceptance, and emerging use cases are expanding the mobile money ecosystem beyond traditional peer-to-peer transfers. The African Continental Free Trade Area (AfCFTA) payment system, PAPSS, is enhancing regional interoperability, enabling seamless cross-network and cross-country transactions that previously faced regulatory fragmentation. Merchant payments are experiencing 48% year-over-year growth as businesses increasingly integrate mobile money solutions, QR codes, and smart POS devices into their operations. Bill payments remain the largest transaction segment, while innovations like stablecoin integration are transforming remittances by reducing fees from 29% to just 2% for micropayments, as demonstrated in pilot programs with Kenyan freelancers. The sector's evolution from simple money transfer to comprehensive financial services platform includes partnerships with global players like Mastercard, Visa, and fintech innovators, creating an interconnected ecosystem that positions Africa's digital economy to exceed $700 billion by 2030.

The Africa mobile money market forecast offers insights into future opportunities and challenges, drawing on historical data and predictive modeling.

Africa Mobile Money Industry Segmentation:

The report has segmented the market into the following categories:

Technology Insights:

• USSD

• Mobile Wallets

• Others

Business Model Insights:

• Mobile Led Model

• Bank Led Model

Transaction Type Insights:

• Peer to Peer

• Bill Payments

• Airtime Top-ups

• Others

Breakup by Country:

• Tanzania

• Kenya

• Uganda

• Ghana

• Others

Recent News and Developments in Africa Mobile Money Market

• April 2024: MTN South Africa partnered with Investec and Electrum to integrate PayShap into its MoMo platform, revolutionizing digital payments accessibility for unbanked communities and marking a major milestone in South African financial inclusion.

• March 2024: Mastercard and MTN Group announced a multi-market agreement to enhance functionality of 60 million active MTN Mobile Money wallets, expanding access to digital commerce and financial services across 13 African markets.

• November 2023: Orange launched Max it super-app for Africa and Middle East, integrating telecommunications, financial services, and e-commerce, targeting 45 million users by 2025 to serve the rapidly growing smartphone user base.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

About Us:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us:

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

United States: +1-201971-6302