As tough economic conditions bite harder across the globe, more people—especially in Asia and Sub-Saharan Africa—are leaning on mobile money platforms to access quick loans for survival, a new report has revealed.
According to the Global System for Mobile Telecommunications Association (GSMA), mobile money-enabled loans saw a dramatic increase in usage in 2024, with countries like Nigeria, Ethiopia, India, and Pakistan recording double-digit growth.
In Nigeria alone, the number of users taking out loans via mobile money jumped from 3% in 2023 to 11% in 2024—nearly a fourfold increase. Similar spikes were recorded in Bangladesh (7% to 14%), India (4% to 14%), and Pakistan (3% to 15%), highlighting a growing dependence on digital credit for daily survival.
The GSMA’s State of the Industry Report on Mobile Money 2025 revealed that this surge is part of a larger trend, where credit is fast becoming the next big frontier for mobile money providers. In fact, credit products offered by Mobile Money Providers (MMPs) rose by nearly 20% in just one year.
Most of these services are launched in partnership with banks or fintech firms. As of 2024, 38% of MMPs offer loans through formal financial institutions, while 26% partner with fintechs. Between September 2023 and June 2024, the number of unique users accessing credit through mobile money grew by 50%, with monthly loan disbursements surging 54%.
Beyond loans, the mobile money industry is seeing unprecedented activity. In 2024 alone, mobile platforms processed 108 billion transactions worth a staggering $1.68 trillion. Transaction volumes jumped 20% year-on-year, while transaction values grew by 16%.
GSMA’s Director-General, Vivek Badrinath, described mobile money as a “powerful driver of financial inclusion and economic growth,” urging governments to create policies that promote innovation and financial literacy, especially among underserved populations.
He noted that countries embracing mobile money witnessed tangible economic benefits. For example, nations with mobile money services saw a GDP boost of $720 billion by 2023, with Sub-Saharan Africa contributing $190 billion to that growth.
