• Home
  • /
  • Opinion
  • /
  • Mobile momentum: driving financial access, inclusion in Africa

Mobile momentum: driving financial access, inclusion in Africa

Mohamed Touhami el Ouazzani
By Mohamed Touhami el Ouazzani, Regional Vice President of Africa, Western Union.
Johannesburg, 19 May 2025
...
Mohamed Touhami el Ouazzani, Regional Vice President of Africa at Western Union.

Africa's financial landscape is undergoing a profound transformation, driven by a rapid adoption of mobile financial services. 

This shift is not just a trend – it’s a fundamental change that is reshaping how people across the continent manage their finances. In 2024, Africa’s mobile money market reportedly reached USD 804.9 million

Forecasts indicate growth to approximately USD 4 billion by 2033. Industry reports show that in 2022 alone, more mobile money transactions exceeded 45 billion, valued at over $836 billion.

This rapid expansion is helping millions of people, particularly in rural and underserved areas, to participate in the economy. 

Mobile money is providing small business owners, farmers, entrepreneurs and more by providing access to essential financial services, enabling payments, and supporting growth in ways that were once out of reach. 

As we look toward the future, mobile financial services will continue to be central in driving Africa’s economic development.

Bridging the Gap

Traditional banks have an important role to play, but the focus must stay on cross-industry collaboration so we can ensure financial services accessibility for all. Financial inclusion rates across the continent still vary. 

While countries like South Africa and Mauritius have achieved inclusion rates of approximately 80%, nations such as Guinea and Sierra Leone lag at just 13%.

The rise of mobile money and digital platforms offers consumers a variety of solutions—including mobile wallets, apps, websites —fostering greater financial inclusivity.

In countries like Kenya, mobile money accounts reached 79% of adults in 2021. In areas with limited access to traditional banking, services such as M-Pesa in Kenya, MTN MoMo in Ghana, and OPay in Nigeria allow people to send money, save and access credit.

Similarly, nations like Côte d’Ivoire, Senegal, Tanzania, and Rwanda are experiencing rapid growth in mobile money adoption.

Companies like Western Union are further facilitating this change by combining digital and physical services. 

Customers can initiate transactions online or in person, sending money to mobile wallets, bank accounts, or for cash pick-up worldwide. 

By collaborating with agents and forming partnerships with fintechs, Western Union ensures access to global financial services, whether or not customers have a traditional bank account.

Remittances from Africa’s diaspora – estimated at USD 95.6 billion annually – are a vital part of the continent’s financial ecosystem. These funds support families, invest in businesses, and fund education, with mobile money and digital platforms making the process faster and more accessible.

Government Support and Innovation

Governments across the continent are playing a key role in driving financial inclusion. The Central Bank in Kenya has enabled interoperability between mobile money services, increasing flexibility in money transfers. 

In South Africa, government-backed mobile payment systems are improving distribution of social grants. Egypt’s National Financial Inclusion Strategy is promoting QR code payments, while Ethiopia’s state-backed mobile service Telebirr, is gaining traction.

Looking ahead, the future of Africa’s financial system will rely increasingly on seamless cross-border transactions. Initiatives like the Pan-African Payment and Settlement System are paving the way for instant payments across borders. 

The African Financial Inclusion Policy Initiative (AfPI) further enhances interoperability, fostering greater integration between nations.

As technology and AI evolve, they will continue to narrow the financial inclusion gap, fueled by collaborations between governments, NGOs, and private sector players.

The Path Forward

Africa’s digital payments sector is projected to reach USD 1.5 trillion by 2030, signalling a clear shift from cash to mobile-first finance. Mobile financial services have become more than just a tool—they are a cornerstone of economic empowerment, helping consumers, businesses, and governments thrive in an increasingly connected world.

The ambition must be to achieve 100% financial inclusion. This is not a distant ideal; it’s an attainable goal. By continuing to invest in mobile money infrastructure and strengthening partnerships between governments, fintech companies, and international players, we can ensure that no one is left behind.

The momentum is building, and the potential is limitless. Together, we can unlock a future where mobile finance drives not only economic growth but also prosperity and opportunity for all.

Share