The mobile body together with WorldRemit announced that active mobile money users reached 103 million at the end of December 2014.

According to the report there are 299 million registered mobile money users.

Commenting on the news WorldRemit founder and chief executive officer Ismail Ahmed said, "The rapid growth of mobile money services represents one of the biggest enlargements of participation in the global financial system, ever."

"As the leading sender of remittances to mobile money, WorldRemit understands the life opportunities that are unlocked when people have the ability to receive, spend and save money via a mobile device."

Mobile money has gained traction in many parts of Africa with countries like Kenya using the service.

M-Pesa claims its platform accounts for two-fifths of Kenya's GDP, while recent news is that global payments technology firm Visa has partnered with Indian telco Bharti Airtel to launch mobile payments services in seven African countries, including Kenya.

East Africa has recorded significant growth and uptake of mobile money platforms, largely propelled by expanding usage in Kenya and Tanzania among other countries in the region.

Kenya's Safaricom recently announced that it would be offering loans through its M-Shwari savings and loans product while 250,000 users reportedly registered for Vodacom Tanzania's M-Pawa savings and loans product.

Orange Business Services has identified Kenya as a strong market within the mobile money services space.