Mobile Money Surges in Sub-Saharan Africa as Smartphone Use Grows
Mobile-based financial apps have seen a significant surge in downloads across Sub-Saharan Africa, with Android and iOS users driving the growth in 2024. This trend is particularly notable in countries with limited fixed broadband infrastructure, where mobile devices serve as the primary gateway to economic participation.
Mobile-first businesses are at the forefront of this revolution, tackling access, affordability, and trust issues within underdeveloped banking systems. They are expanding financial inclusion, enabling people to pay bills online with ease. In Nigeria, for instance, Airtel's mobile money unit processed a staggering ₦20.71 trillion in the first quarter of 2025, reflecting the surge in mobile payments.
With smartphone penetration in Nigeria surpassing 60%, mobile phones have become the primary access point for services. The Federal Competition & Consumer Protection Commission has responded to this growth by introducing new digital lending regulations in July 2025. Globally, there were 514 million monthly active mobile money accounts in 2024, with Sub-Saharan Africa accounting for over two-thirds of these registered accounts, making it the fastest-growing region for mobile money.
The growth of mobile-based financial apps in Sub-Saharan Africa, driven by mobile-first businesses, is transforming the region's financial landscape. As smartphone penetration continues to rise and regulations adapt to this digital shift, mobile money is set to become an even more integral part of daily life and economic participation.
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