“In 2010, there were just 13 million mobile money accounts in the world, fewer than the population of my home country, the Netherlands. By 2023, this had reached more than 640 million. That’s more than twice the total number of Netflix subscriptions worldwide…
What’s immediately obvious is how much of this growth has come from Sub-Saharan Africa; it’s home to more than half of the world’s accounts. In 2023, there were over 330 million active mobile money accounts in the region; more than one mobile money account for every four people.
What’s changed? One of the obvious drivers of this growth has been the widespread adoption of mobile phones, not just in the richest countries but across the globe. Mobile subscriptions have surged in nearly every region.
But the total number of mobile money accounts doesn’t tell us what percentage of people use mobile money. A small portion of people could each have many accounts. So instead of examining absolute numbers, let’s look at the share of people with mobile money accounts in Sub-Saharan Africa.
As the chart below illustrates, the percentage of people in Sub-Saharan Africa with a mobile money account grew rapidly, from 12% in 2014 to 33% by 2021.”
From Our World in Data.