Mobile Finance Accelerates Financial Inclusion Across Africa
Africa’s financial landscape is undergoing a profound transformation as rapid adoption of mobile financial services reshapes how millions of people save, spend and transfer money across the continent.
The mobile money market in Africa was estimated at $804.9 million in 2024 and is projected to grow to nearly $4 billion by 2033, underscoring the scale of the shift towards digital finance. Industry data show that more than 45 billion mobile money transactions were recorded in 2022 alone, with a combined value exceeding $836 billion, highlighting the speed at which mobile platforms are redefining financial access.
This expansion is proving critical for economic participation, particularly in rural and underserved communities where access to traditional banking remains limited. Mobile money services are enabling small business owners, farmers and informal traders to make and receive payments, save securely and access credit, unlocking opportunities that were previously out of reach.
While conventional banks continue to play an important role, progress in financial inclusion increasingly depends on collaboration across industries. Financial inclusion levels vary widely across Africa, with countries such as South Africa and Mauritius recording inclusion rates of about 80 per cent, while others, including Guinea and Sierra Leone, remain as low as 13 per cent. Mobile wallets, apps and digital platforms are helping to close this gap by offering flexible and accessible alternatives.
In Kenya, mobile money accounts covered about 79 per cent of adults as of 2021, driven largely by platforms such as M-Pesa. Similar services, including MTN MoMo in Ghana and OPay in Nigeria, are enabling users to send money, save and access basic financial services. Adoption is also accelerating in Côte d’Ivoire, Senegal, Tanzania and Rwanda as mobile-based solutions gain traction.
Global payment companies are reinforcing this shift by blending digital and physical channels. Through partnerships with agents and fintech firms, international money transfer services now allow customers to initiate transactions online or in person, sending funds directly to mobile wallets, bank accounts or for cash pick-up, regardless of whether recipients have access to traditional banking.
Remittances from Africa’s diaspora, estimated at about $95.6 billion annually, remain a vital source of household income and investment capital. Mobile money and digital platforms are making these flows faster, cheaper and more accessible, strengthening their impact on education, entrepreneurship and small-scale investment.
Governments are also playing a central role in driving inclusion. In Kenya, regulatory support for interoperability among mobile money services has improved transfer flexibility. South Africa is deploying mobile payment systems to enhance social grant distribution, while Egypt’s National Financial Inclusion Strategy is promoting QR code payments. Ethiopia’s state-backed mobile platform, Telebirr, is similarly gaining momentum.
Looking ahead, seamless cross-border payments are expected to shape the next phase of Africa’s financial evolution. Initiatives such as the Pan-African Payment and Settlement System are laying the groundwork for instant intra-African transactions, while policy frameworks like the African Financial Inclusion Policy Initiative are improving interoperability across national systems.
Africa’s digital payments market is projected to reach $1.5 trillion by 2030, signalling a decisive shift from cash to mobile-first finance. As technology and artificial intelligence continue to advance, mobile financial services are set to become even more central to economic empowerment.
Industry stakeholders say the goal of universal financial inclusion is increasingly achievable. With sustained investment in mobile infrastructure and stronger partnerships between governments, fintech firms and global players, mobile finance is poised to drive not only economic growth, but broader prosperity and opportunity across the continent.
