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Global Mobile Money Market Hits $1.4tn in Transaction Value

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Mobile money services, particularly in West Africa, have seen exponential growth, with registered accounts doubling over the past decade, according to the 2024 ‘State of the Industry Report on Mobile Money’ prepared by the GSMA.

In 2023, global money transactions increased by 14% year-on-year (YoY), equating to $2.7 million per minute.

The GSMA Mobile Money Programme, supported by the Bill and Melinda Gates Foundation, works to enhance the development of mobile money ecosystems for the underserved.

The 2024 edition finds a 23% YoY increase in transaction volumes, reaching 85 billion annually. Between 2013 and 2022, countries with mobile money services saw a $600 billion higher GDP than those without, equivalent to mobile money increasing GDP by around 1.5%.

However, while both transaction value and volume increased, the rates of growth were slower when compared with 2022, showing that mobile money continues to be used more frequently, but for smaller transactions.

Mobile money is boosting socioeconomic impact

Mobile money boosts financial inclusion and digital access, serving as a catalyst for achieving 15 out of 17 United Nations’ Sustainable Development Goals (SDGs), up from 13 in 2019.

As the mobile money market starts to mature, the use cases are becoming more sophisticated. More providers now offer adjacent financial products, such as credit, savings, and insurance. Credit is the most popular adjacent financial service offered by mobile money providers (MMPs), with a 73% increase in the number of credit products offered YoY

This diversification of use cases is empowering the underserved, including women and rural populations, to save money through mobile money accounts. MMPs tracking disaggregated data found a 98% increase in the cumulative number of unique female customers saving via mobile money, between September 2022 and June 2023.

In addition, increased business adoption of mobile money saw average revenue per user grow from $2.2 in September 2022 to $3.2 in June 2023 – an increase of over 40%.

Mobile money accounts are on the rise

In 2023, global registered mobile money accounts reached 1.75 billion, a 12% increase from 2022. Although the YoY growth rate of registered mobile money accounts is slowing (from 15% in 2022 and 19% in 2021), this reflects the start of the industry’s maturation.

Growth has been pronounced in Sub-Saharan Africa where the share of registered accounts has increased for two consecutive years to 47% in 2023, the highest since 2019. Sub-Saharan Africa accounted for over 70% of the total growth in registered accounts in 2023, with South Asia contributing a fifth.

West Africa becomes mobile money’s powerhouse

West Africa, particularly Nigeria, Ghana, and Senegal has seen a 100% increase in registered accounts from 2013 to 2023, establishing itself as a leader in mobile money adoption.

This growth, driven by enabling regulatory frameworks, has facilitated a shift to digital transactions, underpinned by a surge in international remittances and merchant payments.

For instance, the West African Economic and Monetary Union1 (WAEMU) experienced significant growth in the use of mobile money adding over 110 million new mobile money accounts between 2018 and 2022. In turn boosting financial inclusion from 56% to 71% for a population of over 137 million, with 60% residing in rural areas2.

Significant barriers remain

Barriers to accessing mobile money include low mobile ownership, perceived relevance, digital skills, social norms, and trust levels. Lack of mobile ownership remains the biggest barrier; though the total number of registered mobile money accounts stands at 1.75 billion, a sizeable gender gap remains.

Globally, women are 7% less likely than men to own a phone, this gap in mobile ownership exists in all survey countries, except Kenya.

Beyond addressing individual challenges, an enabling regulatory landscape is crucial for boosting global financial inclusion and mobile money uptake. Taxation remains an important regulatory challenge for many mobile money services.

Mobile money taxation can be a convenient revenue-earning opportunity for many governments in Sub-Saharan Africa. Though, countries including Ghana and Tanzania have experienced the negative effects of taxing mobile money transactions.

Ashley Olson Onyango, Head of Financial Inclusion & AgriTech at GSMA, comments “Mobile money has demonstrated its potential to transform economies and societies, driving financial inclusion and sustainable development worldwide.

As the industry has started to mature, it is also clear that mobile money offers a sound commercial proposition. Between 2022 and 2023 the average revenue per user rose 40% validating the recent investment that the industry has seen.

“To ensure mobile money remains safe, accessible, and affordable, there is a clear need for governments and regulators to work with financial service providers to launch financial literacy programmes that can empower underserved populations and improve their financial decision-making.”


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US Bans Use of WhatsApp on Official Devices over Security Concerns

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United States (US) House of Representatives has banned WhatsApp from all official devices as a result of data privacy and security concerns.

US Bans Use of WhatsApp on Official Devices over Security Concerns

Harry Coker, acting national cyber security (ONCD) Director confirmed this via a statement issued on Monday, June 23 stating that WhatsApp’s high risk classification is attributed to the messaging app’s ambiguous data protection policies, inadequate encryption for stored data, and other potential security vulnerabilities.

He stated that staff have since been advised to utilize more secure communication platforms, with recommended alternatives including Microsoft Teams, Apple’s iMessage and FaceTime, Signal, and Amazon’s Wickr.

However, Nick Clegg, president of Global Affairs for Meta, WhatsApp’s parent company, has strongly opposed the ban.

He said, “We disagree with this decision in the strongest possible terms, whatsApp provides a higher level of security than the other approved apps.”

This ban on WhatsApp is not an isolated incident, it follows previous restrictions on other applications, such as TikTok, which was removed from government devices in 2022.

The decision also comes just months after WhatsApp itself confirmed that Israeli spyware firm Paragon Solutions had targeted some of its users, including journalists and civil society figures.


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MTN Nigeria Receives UN Women Award for Empowering Women Nationwide

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MTN Foundation has received accolades from UN Women, the United Nations entity dedicated to gender equality and the empowerment of women.

The recognition, presented during a profile courtesy visit by UN Women representatives to MTN Nigeria’s Head Office in Ikoyi, Lagos, acknowledged the Organisation’s profound contributions to advancing women’s empowerment across the nation.

The UN Women delegation, led by Beatrice Eyong, UN Women Country Representative to Nigeria, commended MTN and its Foundation for their unwavering commitment to fostering an inclusive society where women thrive.

During the presentation, Beatrice Eyong, UN Women Country Representative to Nigeria, expressed profound admiration for MTN’s efforts. “I want to congratulate MTN for all that they have been doing,” Eyong stated, her voice resonating with appreciation. “And I want to congratulate MTN Foundation specifically, because they are leaving things better than they met them especially with their Mother and Child Initiatives.” Her remarks highlighted MTN’s focused impact, suggesting a significant improvement in the landscape of women’s empowerment due to the company’s interventions.

Odunayo Sanya, Executive Director of the MTN Foundation, received the award and further elaborated on the company’s broader commitment to societal upliftment through women’s empowerment. ” Our Y’ellopreneur program targeted at Female entrepreneurs is about creating access for our Female Entrepreneurs – access to skills, capital and markets. Our commitment is to contribute to the success of women – led businesses in Nigeria.

This focus on economic empowerment through skills development directly benefits women seeking to improve their livelihoods. This recognition comes as MTN Nigeria continues to champion various programmes aimed at uplifting women, from promoting gender diversity within its corporate structure to supporting women-led businesses and initiatives.

The company’s alignment with global best practices, including its recent signing on to the United Nations Women Empowerment Principles (WEPs), further solidifies its position as a leader in corporate social responsibility and gender equality advocacy.

The award serves as a testament to MTN Nigeria’s strategic and impactful investments in creating a more equitable future for Nigerian women.


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15 African Startups Using AI Selected for Google Accelerator Cohort 9

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Google today announced the selection of 15 promising tech startups for its Google for Startups Accelerator: Africa Class 9 program. These innovative startups, hailing from Ghana, Ethiopia, Kenya, Nigeria, Rwanda, Senegal, and South Africa, are leveraging artificial intelligence (AI) to address significant challenges across diverse sectors, including fintech, agritech, healthtech, and professional services.

In an era where startups are at the forefront of solving critical challenges across Africa, these innovators often face significant hurdles to scale their operations, particularly in securing essential support, mentorship, and funding. Programs like the Google for Startups Accelerator: Africa play a crucial role in providing these opportunities, enabling tech founders and innovators to amplify their impact. By bringing together Google’s extensive resources, including cutting-edge AI technologies and a global network of experts, the program aims to equip these startups to not only thrive but also lead in addressing both local and global challenges in this AI era.

The selection follows a highly competitive application process that began in April 2025 , drawing nearly 1,500 applications from across the continent. This cohort underscores Google’s deep commitment to fostering Africa’s vibrant tech ecosystem and supporting startups in their growth journey.

“African startups are at the forefront of solving critical challenges across the continent, and their work with AI is truly transformative,” said Folarin Aiyegbusi, Head of Startup Ecosystem, Africa at Google. “This program reflects our belief that AI can be transformative when shaped by those who understand the context deeply. We are incredibly excited to support these founders who are building for impact and helping to shape an inclusive AI ecosystem across Africa.”

Over the next three months, the selected startups will participate in a hybrid accelerator program (June 23rd to August 22nd, 2025). Participants will receive dedicated technical mentorship from experienced Google engineers and industry experts , up to $350,000 in Google Cloud credits , and strategic support in AI implementation, product leadership, and business growth. They will also gain access to a global network of investors, partners, and collaborators, amplifying their reach and impact.

Since its inception in 2018, the Google for Startups Accelerator Africa program has supported 153 startups from 17 African countries. Collectively, these alumni have raised over $300 million in funding and created more than 3,500 jobs. Google has directly contributed $5 million through a combination of equity-free funding and product credits to support these founders.

The Google for Startups Accelerator: Africa Class 9 cohort includes:

  • AFRIKABAL (Rwanda): A blockchain and AI-powered platform helping farmers, buyers, and logistics firms trade crops securely and transparently.

  • Apexloads (Kenya): A logistics SaaS platform helping African freight brokers, forwarders, and transporters move cargo faster with verified partners.

  • E-doc Online (Nigeria): Simplifies compliance and credit checks by analyzing real-time banking data, enabling faster onboarding and smarter lending decisions.

  • GoNomad (Nigeria): Enables businesses to start and run global entities, and solopreneurs to professionally invoice and get paid globally like a local.

  • Midddleman (Nigeria): An intelligent sourcing and payment platform helping African businesses import and pay for goods from China faster, safer, and cheaper.

  • Myltura (Nigeria): An AI-powered digital health platform enabling remote care, test access, and seamless health data management in Africa.

  • Pastel (Nigeria): Offers Enterprise AI solutions, inc. AI based fraud detection and anti-money laundering solutions to financial institutions in Africa.

  • Rapid Human AI (South Africa): An end-to-end AI design-thinking platform that turns ideas into code in days, cutting development time by 80%.

  • Regulon (Ghana): An AI-powered compliance and onboarding platform designed to simplify regulatory processes for businesses across Africa and the EMEA region.

  • Scandium (Nigeria): An AI Quality Assurance suite that helps teams ship bug-free software faster with end-to-end test automation and test ops tooling.

  • Shamba Records (Kenya): An AI-powered platform that empowers 50,000+ African farmers with smart credit, market access, and climate-resilient, data-driven agriculture.

  • Smartel Agri Tech (Rwanda): Helps smallholder farmers in the Global South get ahead of crop pests and diseases early using AI-powered, solar-driven devices and SMS alerts.

  • TOLBI (Senegal): Leverages AI and satellite imagery to empower sustainable agriculture across Africa, providing precise crop yield forecasts.

  • YeneHealth (Ethiopia): An AI-driven digital health web, and mobile app streamlining access to affordable, reliable, quality medications & health care services.

  • Zerone Analytiqs (Ghana): A transformative two-pronged solution to the data scarcity in Africa, We are revolutionizing how data is sourced, analyzed, and utilized for decisions.

For further information and updates, visit the Google Africa Blog or follow @GoogleAfrica on social media.


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