Africa is leading a global shift towards mobile payments, driven by telecom operators who have transformed the continent’s financial landscape. With more than half of the world’s mobile money accounts located in sub-Saharan Africa, the region is projected to see its e-payment market reach $40 billion by 2025—an exceptional 20% annual growth rate.
The catalyst? Over 350 million unbanked adults, limited banking infrastructure, and a vibrant informal economy. Leveraging widespread 2G and 3G coverage, mobile money services provide instant, secure, and affordable transactions without relying on traditional banking systems or even internet connectivity.
Telecom providers are increasingly shaping this financial evolution. Transitioning from basic peer-to-peer transfers ("Wallets 1.0") to more sophisticated services like savings, loans, insurance, and integrated merchant platforms ("Wallets 3.0"), telcos are redefining the customer experience. Merchant adoption of mobile payments soared by 48% in just one year, underscoring a broader business integration.
With smartphone connections expected to reach nearly 700 million by 2025, telecom companies have seized the initiative, moving beyond partnerships with traditional banks to independently offer a full suite of financial services.
The result: telcos are poised not only to bridge Africa’s financial inclusion gap but to fundamentally reshape global perceptions of digital finance.
