Mobile Money Accounts to Reach 2.3 Billion by 2026

A report by GSMA indicates that mobile money accounts are expected to reach 2.3 billion globally by 2026, reflecting the growing role of digital finance in promoting financial inclusion. Mobile money accounts, which are linked to phone numbers, allow users to store funds and conduct transactions without traditional bank accounts.

Despite the record transaction values, challenges remain, including user inactivity and a persistent gender gap. The report highlights that while the transaction value growth is outpacing volume growth, there is a significant increase in the average revenue per user, projected to rise by 15% to $1.75.

Additionally, the report notes that nearly 80% of surveyed mobile money providers are expanding their services to include health, credit, and insurance products. Earlier this month, Nairametrics reported plans to introduce 40 smartphones across six African countries, including Nigeria, as part of an initiative to enhance digital access and bring millions online, particularly in underserved regions.