Key Points
▶ Research suggests mobile payments in Africa are growing rapidly, with revenues projected at $14–20 billion by 2025.
▶ It seems likely that total mobile money transactions could exceed $837 billion in 2025, up from 2022 figures.
▶ The evidence suggests that domestic e-payments will reach $40 billion in revenues by 2025, including mobile payments.
▶ There is some controversy surrounding cross-border payment figures, with estimates ranging from $329 billion to a total value of $1.3 trillion for 2025.
Overview
Mobile payments and transactions in Africa are experiencing significant growth, driven by financial inclusion and digital innovation. Below, we break down the key trends, data, and market insights for 2025, based on the latest research.
Trends and Growth
Africa is at the forefront of mobile money adoption, with services like M-Pesa and MTN MoMo expanding rapidly. The shift to digital payments is fueled by increasing smartphone use and government initiatives, while cross-border payments are growing due to demand for faster, cheaper solutions.
Data Highlights
- Mobile Payments Revenues: Projected to reach $14–20 billion by 2025, reflecting the profitability of the sector.
- Transaction Volumes: Total mobile money transactions were $837 billion in 2022, likely higher by 2025.
- Domestic E-Payments: Expected to generate $40 billion in revenues by 2025, encompassing mobile and other electronic payments.
- Cross-Border Payments: Total value estimated at $329 billion in 2025, driven by digital rails replacing traditional banking.
Market Insights
Mobile payments are vital for financial inclusion, serving millions without bank accounts. Key markets like Nigeria and South Africa are driving growth, but challenges like regulatory fragmentation and infrastructure gaps remain. The future looks promising, with projections suggesting a $1.5 trillion digital payments economy by 2030.
Africa Mobile Payments & Transactions Report 2025: Detailed Insights
This report provides a comprehensive analysis of mobile payments and transactions in Africa for 2025, covering trends, data, and market insights. It draws on recent research and industry reports to offer a detailed overview, ensuring a thorough understanding for stakeholders and interested parties.
Introduction
Africa’s mobile payments landscape is transforming rapidly, driven by technological advancements, financial inclusion initiatives, and a growing demand for digital solutions. As of May 29, 2025, the continent is a global leader in mobile money adoption, with significant implications for economic development and financial access. This report synthesizes the latest data to provide a clear picture of the market in 2025.
Trends in Mobile Payments and Transactions
Several key trends are shaping the mobile payments ecosystem in Africa:
- Rapid Growth in Mobile Money Adoption: Africa leads globally in mobile money, with over 781 million registered accounts in 2022, according to a recent analysis by TechCabal, citing Oui Capital’s report. This growth is fueled by increasing smartphone penetration, particularly among a young and urbanizing population, creating a solid foundation for digital payments.
- Expansion of Key Players: Major mobile money platforms, such as M-Pesa (operated by Safaricom/Vodacom in Kenya, Tanzania, DRC, etc.), MTN MoMo (MTN Group across Ghana, Uganda, Nigeria, etc.), Orange Money (Sonatel/Orange in West Africa), and Airtel Money (Airtel Africa in 15 countries), are expanding their reach. These platforms offer fast, simple, and affordable transaction solutions, replacing cash in many regions.
- Shift to Digital Payments: The move towards cashless transactions is accelerating, supported by government policies. For instance, during the COVID-19 pandemic, several African governments waived fees for mobile transactions to limit virus spread, further boosting adoption. This trend is evident in countries like Kenya, where mobile transactions hit $55.1 billion in 2024, up nearly 20% from the previous year, as noted in an X post by @TerryanneChebet.
- Cross-Border Payments Growth: Cross-border payments are gaining momentum, driven by rising migration and urbanization. Digital payment channels, including mobile money platforms and blockchain solutions, are replacing legacy banking systems, offering faster and cheaper alternatives. A report by Oui Capital, cited in TechCabal on May 27, 2025, projects Africa’s cross-border payments market to reach $329 billion in 2025, growing to $1 trillion by 2035 at a 12% CAGR.
- Fintech Innovation: Fintech companies are introducing innovative solutions, such as blockchain-based payments, digital wallets, and “buy now, pay later” services. These innovations cater to both consumers and businesses, enhancing convenience and accessibility. For example, the use of biometric authentication and cloud-enabled POS systems is enhancing security and user experience, as highlighted in a recent industry analysis.
ALSO READ: FinTech Reort: Top Fintech Cities in Africa for 2024 and 2025
Data and Metrics
The following table summarizes key data points for mobile payments and transactions in Africa, based on the latest available figures and projections:
| Metric | 2022 Actual | 2025 Projection | Notes |
|---|---|---|---|
| Total Mobile Money Transaction Value | $837 billion | >$837 billion | Likely higher due to 48% annual growth rate, per TechCabal analysis. |
| Mobile Payments Revenues | N/A | $14–20 billion | Projected growth from $3.5 billion in 2021, per Global Finance Magazine. |
| Domestic E-Payments Revenues | N/A | $40 billion | Includes mobile payments, per McKinsey’s 2022 report, growing at 20% yearly. |
| Cross-Border Payments Total Value | N/A | $329 billion | Total transaction value, per Oui Capital via TechCabal, May 2025. |
| Mobile Money Accounts | 781 million | N/A | Registered accounts in 2022, per TechCabal, expected to grow further. |
- Total Mobile Money Transaction Value: In 2022, mobile money transactions in Africa reached $837 billion, accounting for two-thirds of the global total, as per TechCabal’s analysis. Given the reported 48% annual growth rate, it is reasonable to expect this figure to exceed $837 billion by 2025, reflecting continued expansion.
- Mobile Payments Revenues: Research from Global Finance Magazine, published in March 2023, estimates mobile payments revenues to rise from $3.5 billion in 2021 to between $14 billion and $20 billion by 2025. This growth reflects the increasing scale and profitability of mobile payment services, driven by transaction fees typically ranging from 1.5% to 3%.
- Domestic E-Payments Revenues: McKinsey’s 2022 report, “The Future of Payments in Africa,” projects Africa’s domestic e-payments market to reach $40 billion in revenues by 2025, growing at approximately 20% per year from 2020. This figure includes mobile payments and other electronic payment methods, with key contributors like Nigeria (projected 35% yearly growth) and South Africa (expected $5 billion in annual revenues by 2025).
- Cross-Border Payments: The total value of cross-border payments in Africa is projected to reach $329 billion in 2025, according to Oui Capital’s report, as cited in TechCabal on May 27, 2025. This figure represents the total transaction value, not revenues, and is driven by remittances (estimated at $100 billion in 2023, per TechCabal) and trade payments, with 75% of 2022 Sub-Saharan Africa remittance flows being informal, highlighting the need for digital solutions.
- Mobile Money Accounts: By 2022, there were 781 million registered mobile money accounts across Africa, underscoring the widespread adoption of these services. This number is expected to grow further, supporting financial inclusion efforts.
Market Insights and Analysis
The mobile payments market in Africa offers significant opportunities and faces notable challenges, as outlined below:
- Financial Inclusion: Mobile payments are a cornerstone of financial inclusion, particularly for the unbanked population. They enable millions to access banking services, send and receive money, pay bills, and access credit without traditional bank accounts. For instance, mobile money accounts for 30% of Sub-Saharan Africa’s remittance volume, per TechCabal, reducing reliance on costly informal channels.
- Revenue Opportunities: The mobile payments sector is highly lucrative, with projected revenues of $14–20 billion by 2025. However, competition among mobile network operators, banks, and fintech companies is intensifying, driving innovation and lowering fees for users. For example, mobile money fees range from 1.5% to 3%, compared to traditional bank fees of 7.4–8.3%, per TechCabal’s analysis.
- Regulatory and Infrastructure Challenges: While growth is robust, challenges remain, including fragmented regulatory environments, limited digital infrastructure in rural areas, and high remittance fees. Initiatives like the Pan-African Payment and Settlement System (PAPSS) aim to address these issues by facilitating cross-border payments. However, regulatory compliance and security concerns, such as fraud prevention, require ongoing attention, as noted in industry analyses.
- Key Markets and Growth Drivers: Egypt, Ghana, Kenya, Nigeria, and South Africa are expected to drive a significant portion of future electronic payments revenue. Nigeria, with a projected 35% yearly growth rate, and South Africa, likely to be the largest e-payments market with $5 billion in annual revenues by 2025, per McKinsey, are pivotal. Other countries like Ghana, Ivory Coast, Senegal, and Uganda are also seeing growth above 20% per year, per McKinsey’s data.
- Future Outlook: The African digital payments economy is poised for continued expansion, with projections suggesting it could reach $1.5 trillion by 2030, as mentioned in an X post by @moneyacademyKE on March 29, 2025. This growth will be fueled by internet expansion, fintech innovation, and increasing financial inclusion, positioning Africa as a global leader in digital finance.
Conclusion
Africa’s mobile payments and transactions market in 2025 is characterized by rapid growth, significant financial inclusion, and innovative digital solutions. With projected revenues of $14–20 billion for mobile payments and a total transaction value likely exceeding $837 billion, the sector is a vital component of the continent’s economic landscape. While challenges like regulatory fragmentation and infrastructure gaps persist, the future outlook is promising, with opportunities for businesses and consumers alike to benefit from a cashless, digitally connected economy.
Key Citations
- The Future of Payments in Africa Report by McKinsey The future of payments in Africa
- Africa Digital Payments Progress Article by Global Finance Magazine Africa digital payments progress
- Digital Payments Powering Africa’s Cross-Border Market Article by TechCabal Digital payments Africa cross-border
