Opay, Palmpay, Moniepoint, Other Mobile Money Operators Process $1.68 Trillion in One Year
- Top mobile money operators have recorded significant growth in 2024, processing about 106 billion transactions worth $1.68 trillion
- Information from GSMA disclosed that mobile money transaction volumes rose by 20% yearly, while transaction values increased by 16% from 13%
- GSMA added that transaction values for mobile money accounts witnessed double-digit growth in 2024
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Mobile money platforms such as Opay, Moniepoint, Palmpay, and others processed about 108 billion transactions valued at $1.68 trillion in 2024.
Data from GSMA’s State of the Industry Report on Mobile Money 2025 disclosed this on Tuesday, April 8, 2025.
Source: Getty Images
Mobile money transaction rises
GSMA’s mobile money programme works to improve the money sector of communities lacking access to traditional banking services.
The body revealed that mobile money transaction volumes rose by 20% yearly, while transaction values increased by 16% from 13% in 2023.
According to GSMA, transaction values for mobile money accounts saw a robust double-digit growth last year, hitting 108 billion transactions worth $1.68 trillion.
The amount was processed via mobile money accounts such as Opay, Palmpay, and Moniepoint in one year alone.
The director general of GSMA, Vivek Badrinath, disclosed that mobile money has become a powerful tool for financial inclusion and economic growth as its continued success relies on supportive regulatory frameworks that promote innovation, and accessibility, helping to unlock the full economic potential.
Mobile money operators increase GDP
He said that the GDP of countries with robust mobile money services rose by about $720 billion in 2023, showing a 1.7 billion increase.
In Sub-Saharan Africa, mobile money added about $190 billion to GDP in the same year, while East and West Africa recorded an increase in active accounts.
East Africa was spotlighted for its growth in active accounts last year, followed by Southeast Asia and West Africa.
Countries in East Asia such as Cambodia, Fiji, the Philippines, and Vietnam also showed growth due to favourable regulatory environments.
Top countries with mobile money adoption
According to reports, GSMA said that mobile money providers in East Asia-Pacific have evolved to offer a comprehensive suite of services, with 44% providing credit facilities as of June 2024.
However, GSMA noted that challenges still exist, especially for women, as eight in 12 countries surveyed reported differences in mobile money ownership based on gender.
GSMA said almost 60% of mobile money operators are addressing the gaps by implementing digital initiatives.
Reports say mobile money hit two significant milestones last year, exceeding two billion registered accounts and over half a billion active monthly users globally.
Experts say the industry took about 18 years to achieve one billion registered accounts and 250 million active users from 2001; however, this has doubled in the last five years.
Read also
Burna Boy, Wizkid, Davido, other Nigerian musicians rake in N58bn in royalties from Spotify
Nigeria's biggest banks by market cap
Earlier, Legit.ng reported that Guaranty Trust Holding Company Plc has emerged as the biggest commercial bank in Nigeria based on market capitalisation.
Data obtained from the Nigerian Exchange showed that the combined market capitalisation of 12 commercial banks stood at N10.78 trillion as of Friday, February 7, 2024.
Source: Getty Images
Market capitalisation refers to how much a company is worth as determined by the stock market.
7 Nigerian banks surpass N4trn profit
Legit.ng previously reported that seven major Nigerian banks made a total profit of N4.2 trillion in the 2024 financial year.
Despite tough economic conditions, banks like Zenith Bank PLC, United Bank for Africa (UBA), Guaranty Trust Holding Company Plc (GTCO), First Bank, Fidelity Bank, Stanbic IBTC, and Wema Bank managed to earn this large amount.
The banking sector faced several challenges last year, including high inflation, the falling value of the naira, and reduced spending power among Nigerians.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
