The GSMA's State of the Industry Report on Mobile Money 2023 shows adoption rates are even more significant than expected, with registered accounts, transaction values and deployments exceeding industry predictions.
18 APRIL 2023, London: Mobile money services are growing faster than predicted around the globe, as digital services continue to rise in popularity, according to the GSMA's annual State of the Industry Report on Mobile Money 2023', published today.
The report, published annually by the GSMA and funded by the Bill and Melinda Gates Foundation, demonstrates that rates of adoption are even quicker than expected, with the number of registered mobile money accounts growing by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022. While it took the industry 17 years to reach the first 800 million customers, this is extremely significant growth as it has taken just five years to reach the next 800 million.
In 2022, daily transactions via mobile money reached $3.45 billion, exceeding the $3 billion amount predicted in 2021. Total transaction value for mobile money grew by an incredible 22% between 2021 and 2022, from $1 trillion to around $1.26 trillion.
However, in many areas worldwide, more work is still needed to help give underserved communities access to safe, secure and affordable financial services. With 1.4 billion people worldwide remaining unbanked, the GSMA Mobile Money Programme is working with mobile operators and industry stakeholders worldwide to create a robust mobile money ecosystem, increasing the relevancy and utility of these services and ensuring their sustainability.
The 2023 report shows there are now 315 live mobile money deployments across the globe, with peer to peer (P2P) transfers and cash-in/cash-out transactions still among the most popular use cases. Bill payments using mobile money grew by 36% year-on-year - faster than any other use case and the industry continues to focus on use case diversification, playing an important role in digitising economies.
Pandemic-driven uptake
As the world increasingly moves on from COVID-19, mobile money services have continued to show resilient growth that was instigated during the pandemic. Up to 400 million accounts were added during the pandemic alone. This rapid uptake is largely due to the technology's role in enabling millions of people across low- and middle-income countries to access digital financial services. This upward trend continues, with the number of accounts active on a 30-day basis also growing by 13 per cent year-on-year to 401 million in 2022.
The report also shows that, during 2022, mobile money-enabled international remittances grew by 28% year on year - to $22 billion. During the pandemic, many diasporas sent more funds via mobile money to friends and family than ever before. As a result, international remittances grew significantly in both 2020 and 2021, as many senders favoured mobile money for its efficiency, speed, safety and cost-effectiveness. The trend continued in 2022, albeit at a slower rate.
Closing the gender gap
Mobile money is also continuing to drive financial inclusion for the world's unbanked, particularly amongst women in rural communities, where access to mobile money can play a transformational and empowering role.
However, according to the latest GSMA data, there is still a mobile money gender gap that has shown signs of widening over the last year, particularly in India, Indonesia and Pakistan. Mobile phone ownership is one of the main drivers of the mobile money gender gap, however, a number of other barriers and cultural norms also prevent women from adopting mobile money. As a result, women in low- and middle-income countries are currently 28% less likely than men to own a mobile money account.
Growing agency networks
The number of mobile money agents also increased significantly last year, with a 41% increase between 2021 and 2022. The overall number of agents went from 12 million in 2021 to 17.4 million in 2022. The number of active agents increased by 25% to 7.2 million in 2022. A lot of this growth came from Nigeria, where a more liberal regulatory regime meant an increase in mobile money providers. Agents continued to prove to be an invaluable part of mobile money services and were responsible for two-thirds of all cash-in transactions in 2022.
It is promising to see the continued growth of mobile money worldwide. Mobile money has afforded millions of unbanked and underserved people in low- and middle- income countries access to digital financial services, for the first time, said Max Cuvellier, Head of Mobile for Development, GSMA. However, even with this significant growth, there is still a long way to go to bring those services to over a billion people worldwide who remain unbanked. The GSMA is therefore encouraging governments worldwide to keep developing the enabling policies that can support mobile money deployments and further boost the growth of this crucial ecosystem. Doing so helps accelerate the digitization of national economies and build financial resilience, allowing communities to support themselves in uncertain times.
To find out more, download the 2023 State of the Industry Report on Mobile Money here. Further information on the GSMA's Mobile Money programme is available at www.gsma.com/mobilemoney.
-ENDS-
Note to editors
The State of the Industry Report on Mobile Money draws on the results of the annual GSMA Global Adoption Survey of Mobile Financial Services and data from the GSMA Mobile Money Deployment Tracker. It provides insights on mobile money performance from the GSMA's engagement with the industry. Additional insights from the report are also derived from the annual GSMA Consumer Survey. The report is funded by the Bill and Melinda Gates Foundation.
About GSMA
The GSMA is a
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
19/08/2026
As the cost of IP nears price parity with traditional SDI, Reynolds argues that ...
19/08/2026
A private 5G bubble was chosen instead of traditional broadcast RF for the race ...
19/08/2026
(L-R) Rafael Manuel and Isabel Sicat attend the Filipi ana premiere during the 2026 Sundance Film Festival at The Ray Theatre on January 23, 2026, in Park Cit...
19/08/2026
Studio owners invited to have their say on rates cuts
The Music Producers Guild (MPG) are inviting UK-based studios to take part in an in-depth survey that ...
19/08/2026
Vintage-inspired desktop interface revealed
Harrison's latest hardware offering sees them head into the world of audio interfaces, delivering a 10-in/12...
19/08/2026
Granular effect remains locked to scale and tempo
Described as your dream granular effect , Minimal Audio's latest creation is capable of turning any s...
19/08/2026
First polyphonic SWAM instrument incoming
Audio Modeling's latest physical-modelling orchestral instrument is just around the corner, and is now availab...
19/08/2026
World Cup Games Generate 84 Billion Minutes Across FOX, Fox Sports 1 and NBCU...
19/08/2026
July brought typical peak-holiday drops in viewership, driven primarily by viewers stepping away from screens and a visible decline in reach across both traditi...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Henry joins BCE as the company accelerates its commercial strategy and expands its international presence across the media, broadcast and technology markets. He...
19/08/2026
iWedia, a leading provider of software solutions for connected TV devices, today announced a major milestone in Android platform optimization with the successfu...
19/08/2026
NTP Technology announces that ST 2110-30 audio-over-IP connectivity with AES67 and RAVENNA capabilities is now available for the brand's world-class audio i...
19/08/2026
Net Insight has been selected to provide its Nimbra platform by the service provider Big Blue Marble, formerly ORS Group, as the core media transport solution f...
19/08/2026
LiveU has supported Coventry City FC and several other top-flight UK football clubs through one of their most demanding live production challenges of the year, ...
19/08/2026
Nature Seekers Documentary Shot with Blackmagic URSA Cine 12K LF
Brie Clayton August 18, 2026
0 Comments
Filming endangered turtles required camera...
19/08/2026
Neyrinck Brings D-Control Consoles Back to Life on Apple Silicon with D-Control ...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Riedel Communications today announced that Edith Cowan University (ECU) in Perth, Australia, implemented a comprehensive communications infrastructure that brin...
19/08/2026
QuickLink, a leading provider of award-winning video production and remote guest contribution solutions, will spotlight a major leap forward in remote guest con...
19/08/2026
Integrated platform melds media asset management, playout automation and newsroom workflows
EMAM, PlayBox Neo and SNEWS have officially launched Nuvex, a conne...
19/08/2026
Screen Australia releases the Private Investment Toolkit to strengthen screen in...
19/08/2026
Do Aussies truly value local content? Unpacking Screen Currency 2026 with Deirdr...
19/08/2026
There's an early Christmas gift for Bookish fans, as UKTV confirms the re-commission of the hit U&alibi drama, created by and starring Mark Gatiss. Viewers ...
19/08/2026
Wednesday 19 August 2026
Sky gives sports fans the chance to watch multiple liv...
19/08/2026
On Saturday September 5 Katie Taylor will step into the ring for the fight of her life against Flora Pili in front of 80,000 fans in Croke Park. A legendary fig...
18/08/2026
SportStream 2026, a free three-day virtual event, will take place September 15-17. One registration provides access to all three days of live programming and on...
18/08/2026
BeckTV will introduce BeckFlow to the European market at IBC2026, demonstrated on the Providius stand (10.F53).
BeckFlow is a web-based schematic documentation...
18/08/2026
Boland Communications will introduce a SMPTE ST 2110 input option for its 4K monitors at IBC2026, along with a new 55-inch super-narrow bezel display for video ...
18/08/2026
Dolby Laboratories and the Seattle Seahawks have announced a partnership integrating Dolby OptiView into the Seahawks' live streaming coverage, making the S...
18/08/2026
For BMG Executive Producer of Sports Production, Graham Taylor, producing live s...
18/08/2026
TMRW Sports has appointed Rufus Hack as President of Golf, a newly created role in which he will lead the company's golf businesses including TGL presented ...
18/08/2026
SMT will provide race technology for FOX Sports' coverage of the Freedom 250 Grand Prix of Washington, D.C. on August 23, when the NTT INDYCAR SERIES races ...
18/08/2026
The live, YouTube-native roundtables combine fan voices, credentialed reporters,...
18/08/2026
Behind The Mic provides a roundup of recent news regarding on-air talent, includ...
18/08/2026
The industry legend sounds off on replacing the Heat's iconic Medusa score...
18/08/2026
William F. Rasmussen, the sports fan-turned broadcaster and entrepreneur whose out-of-the-box idea of a 24-hour cable sports network, ESPN, changed forever the ...
18/08/2026
DAZN Group has completed its acquisition of ViewLift, a provider of streaming and digital solutions for sports content owners. The acquisition was first announc...
18/08/2026
The American Association of Professional Baseball (AAPB) has added SI TV, Sports Illustrated's 24/7 streaming channel, as a broadcast partner for the remain...
18/08/2026
The Esports Foundation has announced that the inaugural Esports Nations Cup (ENC), originally scheduled for November 2026 in Riyadh, will be postponed to Novemb...
18/08/2026
Diversified has announced a new Global Managed Services Practice, consolidating the company's managed services capabilities into one organization. Rob Mello...
18/08/2026
Appear has completed a proof of concept with Thoroughbred Racing Productions (TRP), demonstrating multi-camera remote live production over bonded 5G cellular an...
The GSMA's State of the Industry Report on Mobile Money 2023 shows adoption rates are even more significant than expected, with registered accounts, transaction values and deployments exceeding industry predictions. 
