The GSM Association (GSMA) says global mobile money growth is being undermined by rising inactivity and persistent gender gaps, in spite of record-breaking transaction values.
The GSMA disclosed this in its State of the Industry Report on Mobile Money 2026 on Friday.
The GSMA is a global organisation unifying the mobile ecosystem to discover, develop and deliver innovation that helps business and society thrive.
It noted that while the sector had expanded rapidly, user engagement remained uneven.
“More than 2.3 billion mobile money accounts were registered globally in 2025, but only 25.7 per cent were active on a monthly basis.
“This indicates that nearly three-quarters of registered accounts remain inactive, raising concerns about the depth of financial inclusion,” the report noted.
The GSMA added that over $2 trillion flowed through mobile money wallets in 2025, marking a major milestone for the industry.
It noted that while it took 20 years to reach $1 trillion in annual transaction value, the figure doubled within just four years, highlighting accelerated growth.
However, the report stressed that transaction growth has outpaced active usage, with 30-day active accounts rising by 15 per cent to 593 million globally.
It attributed the high inactivity rate to factors such as fraud concerns and transaction taxes in some markets, which discourage frequent usage and drive users back to cash.
The association also highlighted a persistent gender gap, stating that in seven out of 10 countries surveyed, women are less likely than men to actively use mobile money services.
The report said: “Countries such as Nigeria, Ghana and Kenya have shown relatively better progress in narrowing this gap.
“While mobile money has evolved into a broader financial ecosystem, consistent usage is key to improving financial health and inclusion.
“Increased access to services such as credit, savings and insurance can help drive more regular usage,” it said.
The GSMA said regulation continues to play a supportive role, with over 60 per cent of providers acknowledging the positive impact of policies around interoperability, know-your-customer requirements and consumer protection.
However, it added that challenges such as cross-border data transfer restrictions still hinder operations for some providers.
The association emphasised the need for stronger consumer protection, improved digital financial literacy and enhanced regulatory frameworks to ensure sustainable growth.
It warned that without addressing inactivity and inequality in usage, the rapid expansion of mobile money may not fully translate into inclusive economic development.
