Market Forecast by Countries (South Africa, Nigeria, Kenya, Rest of Africa), By Transaction mode (Point of Sale (PoS), Mobile Apps, QR codes), By Nature of Payment (Person to Person (P2P), Person to Business (P2B), Business to Person (B2P), Business to Business (B2B)), By Application (Money transfers, Bill Payments, Airtime Transfer and Top-Ups, Travel and Ticketing, Merchandise and Coupons), By Type of Payments (Remote Payments, Proximity Payments) And Competitive Landscape
| Product Code: ETC4601925 | Publication Date: Jul 2023 | Updated Date: Nov 2025 | Product Type: Report | |
| Publisher: 6Wresearch | Author: Ravi Bhandari | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 300 |
According to 6Wresearch internal database and industry insights, the Africa Mobile Money Market was valued at USD 24.7 billion in 2024 and is projected to reach nearly USD 47.5 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 19.1% during the forecast period (2025-2031).
Below mentioned are the evaluation of year-wise growth rate along with key drivers:
| Years | Est. Annual Growth in % | Growth Drivers |
| 2020 | 16.5% | Increased adoption of mobile money due to the growing smartphone penetration. |
| 2021 | 17.2% | Government initiatives supporting financial inclusion and mobile money services. |
| 2022 | 17.8% | Expansion of mobile payment services in rural areas and underserved regions. |
| 2023 | 18.1% | Rising demand for cross-border money transfers and bill payments via mobile platforms. |
| 2024 | 18.3% | Enhanced mobile network infrastructure and improved security features for mobile money. |
The Africa Mobile Money Market report thoroughly covers the market by countries, transaction modes, nature of payment, applications, and types of payments. The market report provides an unbiased and detailed analysis of ongoing market trends, opportunities/high growth areas, and market drivers, which would help stakeholders devise and align their market strategies according to the current and future market dynamics.
| Report Name | Africa Mobile Money Market |
| Forecast Period | 2025-2031 |
| CAGR | 19.10% |
| Market Size | USD 47.5 billion by 2031 |
| Growing Sector | Financial Services |
The Africa Mobile Money Market is expected to grow rapidly, propelled by greater mobile phone penetration, the increasing adoption of digital payments, and supportive government policies promoting financial inclusion. Improved mobile networks are facilitating mobile money use in both urban and rural areas, giving more people access to efficient financial services. The popularity of mobile financial services, such as money transfers and airtime top-ups, accelerates market growth.
Below mentioned are some growth drivers and their impact on market dynamics:
| Drivers | Primary Segments Affected | Why It Matters |
| Government Support & Financial Inclusion | All Segments | Government initiatives are driving mobile money adoption, especially in underbanked populations. |
| Rising Smartphone Penetration | Transaction Mode (Mobile Apps, QR Codes) | Increased smartphone usage boosts mobile money transactions. |
| Improved Mobile Network Infrastructure | All Segments | Better mobile network coverage increases transaction volume and market reach. |
| Demand for Cross-Border Payments | Applications (Money Transfers) | Expanding trade and remittances in Africa stimulate cross-border mobile money transactions. |
| Growth in Digital Payment Awareness | Nature of Payment (P2P, P2B, B2P) | Consumers and businesses are increasingly turning to mobile platforms for transactions. |
The Africa Mobile Money Market is projected to grow at a robust CAGR of 19.1% during the forecast period of 2025-2031. The Africa Mobile Money Market is growing as mobile phone use rises, government policies support financial inclusion, and mobile payments become high in demand. Mobile money services are mainly growing in underserved areas, providing greater access to financial services, stimulating economic growth, and improving financial literacy, thereby bridging the financial inclusion gap for individuals and businesses across Africa.
Below mentioned are some major restraints and their influence on market dynamics:
| Restraints | Primary Segments Affected | What This Means |
| Regulatory and Security Concerns | All Segments | Stringent regulations and security challenges limit mobile money adoption. |
| Limited Internet Access in Rural Areas | Transaction Modes (QR Codes, Mobile Apps) | Poor internet access restricts mobile money usage in remote regions. |
| Low Financial Literacy | Nature of Payment (P2P, P2B, B2P) | Consumers may be hesitant to adopt mobile money due to lack of awareness. |
| High Transaction Costs | All Segments | High fees on mobile money services may discourage usage, especially for low-income groups. |
| Fragmented Mobile Payment Systems | All Segments | Lack of standardization among mobile money services affects interoperability and market growth. |
Regulatory challenges, security issues, and fragmented payment systems are significant obstacles in the Africa Mobile Money Market, making cross-platform transactions difficult. Limited internet access in rural regions and low financial literacy affect expansion. High transaction fees and the lack of platform standardization also impede growth, especially in lower-income areas, reducing adoption and integration opportunities. All these factors need to be effectively dealt with for the market's strong growth in the future.
Some major trends contributing to the development of the Africa Mobile Money Market growth are:
Here are some investment opportunities in the Africa Mobile Money Industry:
Here are some top companies contributing to Africa Mobile Money Market Share:
| Company Name | M-Pesa |
| Headquarters | Nairobi, Kenya |
| Established | 2007 |
| Website | Click Here |
M-Pesa is a mobile money service that allows users to make financial transactions via their mobile phones. It is one of the most widely used mobile money services in Africa, enabling millions of users in Kenya and other African countries to transfer money, pay bills, and purchase airtime.
| Company Name | Orange Money |
| Headquarters | Abidjan, Ivory Coast |
| Established | 2008 |
| Website | Click Here |
Orange Money is a mobile financial service offered by Orange, providing easy and affordable mobile money solutions to users in several African countries, including Ivory Coast, Mali, and Senegal.
| Company Name | Airtel Money |
| Headquarters | Nairobi, Kenya |
| Established | 2011 |
| Website | Click Here |
Airtel Money provides mobile money transfer services, allowing users to send and receive money, pay bills, and make other payments directly from their mobile phones across multiple African countries.
| Company Name | MTN Mobile Money |
| Headquarters | Johannesburg, South Africa |
| Established | 2009 |
| Website | Click Here |
MTN Mobile Money is a mobile financial service that offers payments, remittances, and other financial services via mobile phones, operating in over 15 African countries, including Uganda, Nigeria, and Ghana.
| Company Name | PayPal Africa |
| Headquarters | Johannesburg, South Africa |
| Established | 2010 |
| Website | Click Here |
PayPal has expanded into the African mobile money market by enabling users to send and receive money, make payments, and shop online through their mobile devices.
The evolution of the Africa Mobile Money Market is significantly shaped by governmental legislation, especially concerning financial inclusion and consumer protection. The Central Bank of Kenya has developed laws to regulate mobile money services and safeguard consumer interests. Nigeria's Central Bank implemented the Mobile Payment Services Policy to improve the security and dependability of mobile payments. These legal frameworks facilitate the expansion of mobile money while safeguarding consumer trust and security.
The Africa Mobile Money Market shows a positive outlook, with growth expected from increased mobile phone penetration, expanding mobile networks, and government policies aimed at improving financial inclusion. The spread of mobile money services in rural and underserved areas is set to drive further adoption. Innovations in mobile security, cross-border payments, and service integration will ensure a bright future for mobile money in Africa.
The report offers a comprehensive study of the subsequent market segments and their leading categories.
According to Guneet Kaur, Senior Research Analyst, 6Wresearch, mobile apps are becoming the most preferred transaction mode due to their convenience, ease of access, and increased smartphone penetration. Consumers increasingly use mobile apps for seamless money transfers and payments.
Person-to-person (P2P) payments are growing rapidly due to the increased adoption of mobile money services for peer-to-peer transactions. This payment type is driving growth, particularly in regions with lower banking penetration.
Money transfers are expected to remain the dominant application within the market. This is primarily driven by the widespread need for remittances and sending money across borders, especially in regions where bank access is limited.
Remote payments are growing due to the convenience of making payments from anywhere, anytime. This is facilitated by mobile money platforms, especially in regions with limited physical payment infrastructure.
Africa Mobile Money Market report provides a detailed analysis of the following market segments:
| 1 Executive Summary |
| 2 Introduction |
| 2.1 Key Highlights of the Report |
| 2.2 Report Description |
| 2.3 Market Scope & Segmentation |
| 2.4 Research Methodology |
| 2.5 Assumptions |
| 3 Africa Mobile Money Market Overview |
| 3.1 Africa Regional Macro Economic Indicators |
| 3.2 Africa Mobile Money Market Revenues & Volume, 2021 & 2031F |
| 3.3 Africa Mobile Money Market - Industry Life Cycle |
| 3.4 Africa Mobile Money Market - Porter's Five Forces |
| 3.5 Africa Mobile Money Market Revenues & Volume Share, By Countries, 2021 & 2031F |
| 3.6 Africa Mobile Money Market Revenues & Volume Share, By Transaction mode, 2021 & 2031F |
| 3.7 Africa Mobile Money Market Revenues & Volume Share, By Nature of Payment, 2021 & 2031F |
| 3.8 Africa Mobile Money Market Revenues & Volume Share, By Application, 2021 & 2031F |
| 3.9 Africa Mobile Money Market Revenues & Volume Share, By Type of Payments, 2021 & 2031F |
| 4 Africa Mobile Money Market Dynamics |
| 4.1 Impact Analysis |
| 4.2 Market Drivers |
| 4.3 Market Restraints |
| 5 Africa Mobile Money Market Trends |
| 6 Africa Mobile Money Market, 2021 - 2031F |
| 6.1 Africa Mobile Money Market, Revenues & Volume, By Transaction mode, 2021 - 2031F |
| 6.2 Africa Mobile Money Market, Revenues & Volume, By Nature of Payment, 2021 - 2031F |
| 6.3 Africa Mobile Money Market, Revenues & Volume, By Application, 2021 - 2031F |
| 6.4 Africa Mobile Money Market, Revenues & Volume, By Type of Payments, 2021 - 2031F |
| 7 South Africa Mobile Money Market, 2021 - 2031F |
| 7.1 South Africa Mobile Money Market, Revenues & Volume, By Transaction mode, 2021 - 2031F |
| 7.2 South Africa Mobile Money Market, Revenues & Volume, By Nature of Payment, 2021 - 2031F |
| 7.3 South Africa Mobile Money Market, Revenues & Volume, By Application, 2021 - 2031F |
| 7.4 South Africa Mobile Money Market, Revenues & Volume, By Type of Payments, 2021 - 2031F |
| 8 Nigeria Mobile Money Market, 2021 - 2031F |
| 8.1 Nigeria Mobile Money Market, Revenues & Volume, By Transaction mode, 2021 - 2031F |
| 8.2 Nigeria Mobile Money Market, Revenues & Volume, By Nature of Payment, 2021 - 2031F |
| 8.3 Nigeria Mobile Money Market, Revenues & Volume, By Application, 2021 - 2031F |
| 8.4 Nigeria Mobile Money Market, Revenues & Volume, By Type of Payments, 2021 - 2031F |
| 9 Kenya Mobile Money Market, 2021 - 2031F |
| 9.1 Kenya Mobile Money Market, Revenues & Volume, By Transaction mode, 2021 - 2031F |
| 9.2 Kenya Mobile Money Market, Revenues & Volume, By Nature of Payment, 2021 - 2031F |
| 9.3 Kenya Mobile Money Market, Revenues & Volume, By Application, 2021 - 2031F |
| 9.4 Kenya Mobile Money Market, Revenues & Volume, By Type of Payments, 2021 - 2031F |
| 10 Rest of Africa Mobile Money Market, 2021 - 2031F |
| 10.1 Rest of Africa Mobile Money Market, Revenues & Volume, By Transaction mode, 2021 - 2031F |
| 10.2 Rest of Africa Mobile Money Market, Revenues & Volume, By Nature of Payment, 2021 - 2031F |
| 10.3 Rest of Africa Mobile Money Market, Revenues & Volume, By Application, 2021 - 2031F |
| 10.4 Rest of Africa Mobile Money Market, Revenues & Volume, By Type of Payments, 2021 - 2031F |
| 11 Africa Mobile Money Market Key Performance Indicators |
| 12 Africa Mobile Money Market - Opportunity Assessment |
| 12.1 Africa Mobile Money Market Opportunity Assessment, By Countries, 2021 & 2031F |
| 12.2 Africa Mobile Money Market Opportunity Assessment, By Transaction mode, 2021 & 2031F |
| 12.3 Africa Mobile Money Market Opportunity Assessment, By Nature of Payment, 2021 & 2031F |
| 12.4 Africa Mobile Money Market Opportunity Assessment, By Application, 2021 & 2031F |
| 12.5 Africa Mobile Money Market Opportunity Assessment, By Type of Payments, 2021 & 2031F |
| 13 Africa Mobile Money Market - Competitive Landscape |
| 13.1 Africa Mobile Money Market Revenue Share, By Companies, 2024 |
| 13.2 Africa Mobile Money Market Competitive Benchmarking, By Operating and Technical Parameters |
| 14 Company Profiles |
| 15 Recommendations |
| 16 Disclaimer |