Mobile Money in Emerging Markets: 2026-2030

Description

'Mobile Money Users in Emerging Markets to Reach 2.2 Billion by 2030, as Interoperability and Integration Drive Growth'

Overview

Our Mobile Money in Emerging Markets research report provides detailed evaluation and analysis of the ways in which the mobile financial services space is evolving and developing. The research also considers future trends and challenges within the mobile money market, such as the shift to advanced services and the expansion of merchant payments.

In addition, the report contains two Juniper Research Competitor Leaderboards; giving readers a comprehensive understanding of the competitive dynamics in this space. The Competitor Leaderboards position 20 mobile money services and 16 mobile money technology platform providers; delivering an invaluable resource for stakeholders seeking to understand the competitive landscape in the mobile money market on both a consumer-facing and B2B basis.

The research suite contains a detailed dataset; providing forecasts for mobile financial services use across a wide range of different metrics. This includes the total users and transactions made via mobile money services, the amount lent to users of microcredit, and the total monetary spend and deposits for mobile money services in mobile money.

All report content is delivered in the English language.

Key Features

Market Dynamics: strategic analysis of the major drivers, challenges, and innovations shaping the adoption and development of the mobile money industry. This includes the shift from offering basic services to more advanced services and digital payments, the rise of the super app business model, and the use of AI to enable new capabilities within mobile wallets.
Key Takeaways & Strategic Recommendations: in-depth analysis of key development opportunities and findings within the mobile money market, accompanied by strategic recommendations for stakeholders, such as mobile money service providers and platform providers.
Benchmark Industry Forecasts: includes forecasts for the total users of, and spend via, mobile money platforms, split by different segments and transaction types. This data is split by 4 key forecast regions and 15 countries.
Juniper Research Competitor Leaderboards: key player capability and capacity assessment for 20 mobile money services and 16 mobile money technology platform providers, via two Juniper Research Competitor Leaderboards.

Market Trends & Strategies

1. Key Takeaways & Strategic Recommendations

1.1 Key Takeaways
1.2 Strategic Recommendations for Mobile Money Services
1.3 Strategic Recommendations for Mobile Money Platform Providers

2. Current Status of the Mobile Money Market & Future Outlook

2.1 Introduction to Mobile Money
- Figure 2.1: Unbanked Adult Population (m), Split by 8 Key Regions, 2025
2.2 Definitions Within Mobile Money
- 2.2.1 The Context
- 2.2.2 The Drivers
  - Figure 2.2: Unbanked Adult Population (%), Split by 8 Key Regions, 2025
- 2.2.3 The Key Pillars of Mobile Money
- 2.2.4 The Challenges

3. Segment Analysis

3.1.1 Mobile Money Transfer
- i. Domestic
- ii. Cross-border
  - 3.1.2 Mobile Microloans
  - 3.1.3 Mobile Microinsurance
    - Table 3.1: Customers Using Mobile Money to Pay for an Insurance Product, (%), Split by Country, 2023-2024
- 3.1.4 Mobile Microsavings
- 3.1.5 Merchant Payments (Both In-store and Online)
  - i. In-store Merchant Payments
  - ii. Online Merchant Payments
3.2 Status of the Mobile Money Market
- 3.2.1 Mobile Money Transfer
  - i. Introduction
  - ii. SWOT Analysis
  - iii. Outlook
- 3.2.2 Mobile Microloans
  - i. Introduction
  - ii. SWOT Analysis
  - iii. Outlook
- 3.2.3 Mobile Microinsurance
  - i. Introduction
  - ii. Outlook
- 3.2.4 Mobile Microsavings
  - i. Introduction
  - ii. SWOT Analysis
  - iii. Outlook
- 3.2.5 Merchant Payments
  - i. Introduction
  - ii. SWOT Analysis
  - iii. Outlook
- 3.2.6 Key Relationships
  - i. Banks
  - ii. Regulators
  - iii. Agent Networks
  - iv. Merchant Networks
  - v. Remittance Partners
  - vi. Platform Providers

4. Key Trends & Drivers

4.1 Key Trends & Drivers for Mobile Money Vendors
- 4.1.1 Superapps Are a Natural Evolution
  - Figure 4.1: Smartphone Penetration (%), Across 4 Emerging Regions, 2013/2025/2030
  - Figure 4.2: UI and UX Advancements in Mobile Money Services
- 4.1.2 The Convergence: Blockchain and Mobile Money
  - Figure 4.3: Ethereum Total Value Locked (TVL) in DeFi, Between 2018 to 2026, (USD), (bn)
- 4.1.3 Interoperability Unlocks New Use Cases
  - Figure 4.4: Interoperability With Mobile Money Services
4.2 Key Trends & Drivers for Mobile Money Platform Providers
- 4.2.1 Open APIs and Open Platforms
- 4.2.2 The Shift Towards Cloud-based Microservices Architecture
- 4.2.3 Unlocking AI-driven Insights and Use Cases

Competitor Leaderboard

1. Mobile Money Services Competitor Leaderboard & Vendor Profiles

Table 1.1: Juniper Research Competitor Leaderboard: Mobile Money Services Vendors Included & Product Portfolio
Figure 1.2: Juniper Research Leaderboard: Mobile Money Services
Table 1.3: Juniper Research Leaderboard: Mobile Money Services
Table 1.4: Juniper Research Leaderboard Heatmap: Mobile Money Services - Part 1 of 2
Table 1.4: Juniper Research Leaderboard Heatmap: Mobile Money Services - Part 2 of 2
1.1 Vendor Profiles
- 1.1.1 Airtel Money
  - i. Corporate
    - Table 1.5: Airtel Africa Financial Snapshot, ($m), 2022-2025
    - Table 1.6: Airtel Money Operational KPIs, 2023-2025
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 1.7: Airtel Money Products and Services
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.2 bKash
  - i. Corporate
    - Table 1.8: bKash Financial Performance Snapshot, 2021-2024
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 1.9: bKash's Products and Services
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.3 easypaisa
  - i. Corporate
    - Table 1.10: easypaisa's Financial Performance Snapshot, 2021-2024
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.4 EcoCash
  - i. Corporate
    - Table 1.11: Econet Wireless Zimbabwe's Financial Performance Snapshot, ($m), 2024-2025
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 1.12: EcoCash Pay Merchant Workflow
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.5 eZ Cash
  - i. Corporate
    - Table 1.13: Dialog Axiata PLC's Financial Performance Snapshot, ($m), 2021-2024
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 1.14: eZ Cash List of Mobile Money Services
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.6 GCash (Philippines)
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.7 Grameenphone (GP)
  - i. Corporate
    - Table 1.15: Grameenphone's Financial Performance Snapshot, ($m), 2021-2024
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.8 LinkAja
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.9 MonCash
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.10 Moov Money (Benin)
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.11 M-PESA
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.12 MTN Mobile Money
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.13 Ooredoo Money
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.14 Orange Money
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.15 Roshan M-Paisa
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.16 Tigo Money
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.17 Transfer (Telcel)
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.18 TrueMoney
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.19 UPaisa
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.1.20 Wave Money
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
1.2 Juniper Research Leaderboard Assessment Methodology
1.3 Limitations & Interpretations
- Table 1.16: Juniper Research Competitor Leaderboard Scoring Criteria: Mobile Money Services

2. Mobile Money Platform Providers Competitor Leaderboard

Table 2.1: Juniper Research Competitor Leaderboard: Mobile Money Platform Vendors Included & Product Portfolio
Figure 2.2: Juniper Research Competitor Leaderboard: Mobile Money Platform Vendors
Table 2.3: Juniper Research Competitor Leaderboard: Mobile Money Platform Vendors
Table 2.4: Juniper Research Competitor Leaderboard Heatmap: Mobile Money Platform Vendors
2.1 Vendor Profiles
- 2.1.1 Amdocs
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 2.5: Amdocs' DFS Platform Solutions
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.2 Comviva
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 2.6: mobiquity Banking Suite Key Functionalities Infographic
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.3 DigiPay.Guru
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.4 Ericsson
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.5 Estel Technologies
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 2.7: Estel Technologies' Mobile Money Platform Capabilities
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.6 Huawei
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 2.8: Huawei's Mobile Finance Architecture
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.7 Inswitch
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.8 Obopay
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.9 Omobio
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 2.9: Omobio's Key Features for Mobile Money Users
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.10 OpenWay Group
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 2.10: Way4's Payment Business Capabilities
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.11 MobiFin
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.12 Seamless Distribution Systems
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.13 Telepin Software
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.14 Tmob - Thinks Mobility
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.15 Veengu
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 2.1.16 Youtap
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 2.11: Youtap's Services
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
2.2 Juniper Research Leaderboard Assessment Methodology
2.3 Limitations & Interpretations
- Table 2.12: Juniper Research Competitor Leaderboard Scoring Criteria: Mobile Money Platform Providers
2.4 Related Research

Data & Forecasting

1. Introduction & Forecast Methodology

1.1 Introduction to Mobile Money
- Figure 1.1: Unbanked Adult Population (m), Split by 8 Key Regions, 2025
1.2 Definitions Within Mobile Money
- 1.2.1 The Context
1.3 Introduction to Forecasts
- 1.3.1 Mobile Money Forecast Methodology
  - Figure 1.2: Mobile Money Methodology
  - Figure 1.3: Microloans Forecast Methodology
  - Figure 1.4: Microsavings Forecast Methodology
  - Figure 1.5: Microinsurance Forecast Methodology
1.4 Market Forecasts Summary
- 1.4.1 Total Users of Mobile Financial Services
  - Figure 1.6: Total Mobile Money Users (m), Split by 4 Emerging Regions, 2025-2030
- 1.4.2 Total Monetary Spend and Deposits Made by Consumers on Mobile Financial Services
  - Figure & Table 1.7: Total Monetary Spend on Deposits Made by Consumers on MFS ($), Split by 4 Emerging Regions, 2025-2030
  - Table 1.8: Total Monetary Spend and Deposits Made by Consumers on MFS ($m), Split by Services, 2025-2030
1.5 Sophisticated Microfinance Forecasts
- 1.5.1 Number of Unique Mobile Users Who Make Sophisticated Microfinance Transactions
  - Figure & Table 1.9: Total Unique Mobile Users Who Make Sophisticated MFS (m), Split by 4 Emerging Regions, 2025-2030
- 1.5.2 Total Volume of Sophisticated Microfinance Transactions
  - Figure & Table 1.10: Total Volume of Sophisticated Microfinance Transactions per annum (m), Split by 4 Emerging Regions, 2025-2030
1.6 Mobile Money Forecasts
- 1.6.1 Total Number of Mobile Money Transactions per annum
  - Figure & Table 1.11: Total Number of Mobile Money Transactions per annum (m), Split by 4 Emerging Markets, 2025-2030
  - Table 1.12: Total Volume of Mobile Money Transactions in Emerging Markets (m), Split by Transaction Type, 2025-2030
- 1.6.2 Total Value of Mobile Money Transactions in Emerging Markets
  - Figure & Table 1.13: Total Value of Mobile Money Transactions in Emerging Markets ($m), Split by 4 Emerging Markets, 2025-2030
  - Table 1.14: Total Value of Mobile Money Transactions in Emerging Markets ($m), Split by Transaction Type, 2025-2030
1.7 Microloans and Microcredit Forecasts
- 1.7.1 Total Number of Mobile Microloans in Emerging Markets
  - Figure & Table 1.15: Total Number of Mobile Microloans in Emerging Markets (m), Split by 4 Emerging Markets, 2025-2030
- 1.7.2 Total Value of Mobile Microloans in Emerging Markets
  - Figure & Table 1.16: Total Value of Mobile Microloans ($m), Split by 4 Emerging Markets, 2025-2030
1.8 Mobile Microsavings Forecasts
- 1.8.1 Total Number of Mobile Microsavings Accounts
  - Figure & Table 1.17: Total Number of Mobile Microsavings Accounts in Emerging Markets ($m), Split by 4 Emerging Markets, 2025-2030
- 1.8.2 Total Annual Deposit Value for Mobile Microsavings
  - Figure & Table 1.18: Total Annual Deposit Value for Mobile Microsavings ($m), Split by 4 Emerging Markets, 2025-2030
1.9 Mobile Microinsurance Forecasts
- 1.9.1 Total Number of Mobile Microinsurance Accounts
  - Figure & Table 1.9: Total Number of Mobile Microinsurance Accounts in Emerging Markets ($m), Split by 4 Emerging Markets, 2025-2030
- 1.9.2 Total Cost of Mobile Microinsurance to Users
  - Figure & Table 1.20: Total Cost of Mobile Microinsurance to Users ($m), Split by 4 Emerging Markets, 2025-2030