Mobile money has become one of Africa’s most transformative financial innovations — reshaping how people send, spend, save, and borrow money without needing a traditional bank account. Today, Africa isn’t just participating in mobile money; it dominates the global landscape, accounting for well over half of all mobile money wallets worldwide and processing trillions of dollars in annual transaction value. Dabafinance+1
Africa: The Mobile Money Heartland
According to the latest industry insights, Africa surpassed 1 billion registered mobile money accounts by the end of 2024, representing roughly 53% of global wallets and over 56% of active users. Across 178 mobile money services, about 81 billion transactions worth $1 trillion were processed in 2024 alone — underscoring the sheer scale of adoption. Dabafinance
Sub-Saharan Africa remains the epicenter of mobile money activity, accounting for more than two-thirds of registered accounts globally. East Africa has been a particularly fast-growing driver, followed by West Africa. Connecting Africa
Top Players Driving Mobile Money in Africa
1. Safaricom’s M-Pesa — The Pioneer and Still the Benchmark
When discussing mobile money in Africa, M-Pesa is the name that most people — both within and outside the continent — recognize first.
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Launched: 2007 by Safaricom in Kenya
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Reach: Available in multiple African markets including Kenya, Tanzania, Democratic Republic of Congo (DRC), Mozambique, Lesotho, Ghana and Egypt. Safaricom
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Active Users: Over 55–65 million customers across Africa and counting, with continued growth year-on-year. Business Daily+1
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Transaction Volume: In the most recent 12-month period, M-Pesa processed advantages measured in hundreds of billions of dollars — marking it as one of Africa’s leading fintech engines. Business Daily
M-Pesa has not only transformed everyday financial access in Kenya — where mobile money penetration exceeds **90% of the population — but it also set the template for mobile finance across the continent. telcomagazine.com
Today, it’s evolving into a full digital ecosystem beyond simple money transfers, offering services like savings, loans, and integrated payments to businesses through newer platforms and app versions. TechAfrica News
2. MTN MoMo — A Contender Across Multiple Markets
Another heavyweight in the African mobile money arena is MTN’s MoMo:
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Available in many more countries than M-Pesa, MTN MoMo has been reported historically to surpass M-Pesa in active user count in some metrics, thanks to its footprint across West and Central Africa. BitKE
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MTN’s strategy ties its mobile money service to broader digital and financial products — including payments, micro-loans, and savings tools — positioning it as a comprehensive fintech solution. We are Tech
MTN’s groupwide mobile financial services reported nearly 88 million customers across its footprint, reflecting how integrated telecom networks can drive rapid mobile money adoption. We are Tech
3. Airtel Money — Growing Fast, Especially in West Africa
Airtel Money has also carved out a significant presence:
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The service has 38 million customers across 14 African markets and continues to grow strong double-digit year-on-year. We are Tech
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Its offerings span transfers, merchant payments, microloans, and international remittances — challenging larger competitors with localized pricing and user experience improvements. We are Tech
In countries like Ghana and Nigeria, Airtel Money has become one of the main alternatives to larger incumbents, especially among cost-conscious users seeking lower fees. Tech In Africa
Emerging Players & New Dynamics
Beyond the big three telecom-linked platforms, several other mobile money services — including Telebirr in Ethiopia and startup-driven fintech wallets like PalmPay — are rapidly scaling and diversifying Africa’s digital payments landscape. Reuters+1
Additionally, the rise of super-apps — platforms that combine mobile money with transport, e-commerce, and entertainment — is reshaping competition and user engagement in markets from West to East Africa. Le Monde.fr
What Leadership Means in Mobile Money Today
Leadership in Africa’s mobile money sector isn’t just about user numbers; it also reflects:
✅ Depth of integration into everyday economic life
✅ Breadth of services — from payments to savings, loans, business solutions, and digital commerce
✅ Network reach across diverse markets
✅ Partnerships with banks, fintechs, and global payment platforms
In this context, M-Pesa remains the biggest and most influential mobile money platform — not just in volumes but in cultural and economic impact. However, MTN MoMo and Airtel Money are not far behind, pushing innovation and competition across the continent.
What’s Next for Mobile Money in Africa?
The mobile money landscape in Africa is poised for further evolution:
📌 Greater financial inclusion — reaching the unbanked and underbanked
📌 More integrated ecosystems — blending payments, e-commerce, and lending
📌 Regulatory improvements — supporting interoperability and cross-border flows
📌 Super-apps & partnerships — driving usage through one-stop digital platforms
With more than 1.1 billion wallets and counting, Africa’s mobile money revolution continues to be a major fintech success story — one that other regions are now watching closely.
