In a continent where traditional banking has long struggled to reach rural and underserved areas, mobile money is rewriting the financial playbook. Led by pioneers like MTN’s MoMo platform, mobile money services are driving financial inclusion, fostering economic growth, and transforming how millions of Africans access and manage their money.

From urban centres to remote villages, mobile money has become greater than the transactional service it offers on paper. MTN’s MoMo platform now operates in 14 countries across Africa, connecting the unbanked to the formal economy, empowering entrepreneurs, and enabling governments to deliver subsidies and social payments at scale. But for the group, MoMo’s true impact lies deeper. It’s also about restoring dignity through financial independence, “to provide them with the ability to manage their lives in easy ways,” says Serigne Dioum, Group MTN Fintech CEO.

A Trillion-Dollar Milestone

The numbers tell a powerful story. Across Sub-Saharan Africa, mobile money platforms processed over $1.4 trillion in global transaction values in 2023, with the region contributing the lion’s share. This growth comes as mobile phone penetration continues to expand, bringing financial tools into the hands of those traditionally excluded from banking.

In Ghana, the transformation is particularly striking. Mobile money transactions in the country reached GH¢1.912 trillion in 2023, a staggering 78.7% increase from GH¢1.07 trillion in 2022. With 15.2 million active users and a network of 228 000 agents, Ghana demonstrates how mobile money has redefined financial access.

Shaibu Haruna, CEO of MTN Mobile Money Ghana, sees MoMo as central to this progress. “MoMo has scaled effectively to make a real difference—not just in Ghana but as a model for financial inclusion across Africa,” he says.

Cameroon tells a similar story. While recent figures are less robust, the Bank of Central African States (BEAC) reported in 2022 that mobile money remains the dominant financial tool in the CEMAC (Economic and Monetary Community of Central Africa) region. Cameroon leads in mobile money accounts and transaction volumes, underscoring its role as a regional hub.

Driving Innovation Through Necessity

The pandemic gave mobile money its moment. As COVID-19 forced countries into lockdowns and disrupted traditional banking services, contactless payments became essential. Mobile money platforms stepped up, providing a secure and accessible way for individuals to manage finances, pay bills, and receive government relief funds.

For MTN, the pandemic was a turning point. The company leveraged the opportunity to expand its offerings, moving beyond simple peer-to-peer (P2P) transfers. Today, MoMo supports bill payments, microloans, cross-border remittances — and increasingly, commerce.

Watch as Serigne Dioum, Group MTN Fintech CEO, explains how  MTN supports millions of merchants across Africa through its in-app marketplace.

A Regional Shift

While East Africa has long been the epicentre of mobile money innovation, driven by Kenya’s M-Pesa, the balance is shifting. West Africa is emerging as a new powerhouse, with Ghana and Côte d’Ivoire recording the fastest growth rates in 2023, outpacing East Africa by 12 percentage points.

In Côte d’Ivoire, MTN is making large-scale investments in both digital and financial inclusion. The shift highlights MTN’s strategic positioning in the region. With its expansive customer base and focus on financial inclusion, MTN is ensuring that even remote areas are connected. In Ghana, for instance, the company’s MoMo agents are present in villages far removed from traditional banking infrastructure, in an effort to secure as many customers as possible.

However, challenges persist. Interoperability between mobile money platforms remains limited, creating friction in cross-border transactions. In Cameroon, regulatory hurdles have slowed progress, but MTN is actively working to address these issues. “Building trust starts with security and partnerships,” says Alain Nono, CEO of MTN Cameroon Mobile Money. “We work closely with regulators to ensure that MoMo complies with local laws and protects our users from fraud.”

The Power of Financial Inclusion

At its core, mobile money is about access—access to funds, markets, and opportunities. For millions of Africans, MoMo has become the gateway to participating in the economy.

In rural Ghana, farmers use MoMo to receive payments for their produce without travelling to distant cities. Small businesses in Cameroon rely on mobile money to manage cash flow and pay suppliers. Across Africa, mobile money has slashed remittance costs, making it easier for migrant workers to support families back home.

Stephen Blewett, CEO of MTN Ghana, believes that digital access underpins both commercial and social progress. “Affordable devices are a gateway to the digital ecosystem,” he says. “Every user who comes online represents an opportunity — not just for revenue, but for innovation and inclusion.”

This transformation extends beyond individuals. A 2023 World Bank study found that regions with high mobile money adoption saw 12% higher local market activity compared to areas with low adoption. The economic ripple effect of mobile money is undeniable, fuelling growth from the ground up.

The Challenges Ahead

Despite its successes, mobile money faces hurdles. Cybersecurity is an ongoing concern, with mobile money providers reporting a 22% increase in fraud attempts in 2023.  Regulatory frameworks also need to evolve to keep pace with the sector’s growth, balancing innovation with user protection.

While governments grapple with how to tax digital services, the wrong policy choices risk slowing adoption and limiting access. MTN has taken a proactive stance in shaping a more inclusive environment.

Watch here for Serigne Dioum’s view on regulatory engagement and mobile money tax policies.

Characteristic of burgeoning economies, the mobile money landscape is evolving with new entrants introducing alternative models to cater to Africa’s growing demand for affordable digital financial services. FinTech companies are experimenting with lower fees and innovative service offerings, creating healthy competition and driving the industry toward greater affordability. These shifts, while challenging for traditional players, present an opportunity for market leaders like MTN to reaffirm their commitment to accessible and secure financial solutions across the continent.

MTN is rising to the challenge. By investing in advanced tech security measures and forging partnerships with regulators, MoMo remains a trusted platform. Interoperability is also high on the agenda, with MTN advocating for seamless transactions across borders.

Looking Forward

The potential for mobile money in Africa remains vast. The African Continental Free Trade Area agreement promises to unlock $80 billion in annual transaction values by 2025, creating new opportunities for growth.

For MTN, as it expands its footprint and deepens its offerings, the company positions itself as a leader in Africa’s financial revolution. “MoMo is not just about transactions,” says Dioum. “It’s about empowering people, creating opportunities, and driving economic growth.”

With its commitment to innovation and inclusion, the company is the continent’s bright spot, a clear leader of change.