A recent survey reveals a significant increase in the adoption of mobile financial services across Africa. Almost half of respondents (49%) use both mobile payments and mobile banking services, while 36% are based solely on mobile banking services, and 10% only use mobile payments.
Only 5% of respondents declared that they did not use any mobile financial service.
Increasing adoption of mobile finances in Africa
Throughout Africa, mobile finance is revolutionizing the way people access and manage money. With traditional Limited banking infrastructure in many regions, mobile financial solutions have become a gameChanger, fill the shortcomings of financial inclusion and empower millions.
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Mobile Money Services, led by platforms like M-Pesa, Airtel Money and MTN Momo, has experienced explosive growth. From the activation of PER-TO-PEER transactions to the facilitation of invoice payments and shipments of cross-border funds, these services have become a financial rescue buoy for individuals and businesses.
According to industry reports, Africa represents almost 70% of world mobile monetary transactions, highlighting the leadership of the continent in digital financial innovation. The use of mobile financial services experienced a remarkable increase, from 63% in 2023 to 85% in 2024. Currently, 95% of respondents use either mobile banking services, mobile payments or both.
Kenya leads to the adoption of mobile payments, 28% of respondents actively using mobile payment applications well above the continental average of 10%. South Africa and Morocco report respectively the use of mobile banking services greater than the average, with adoption rates of 50%and 52%, respectively, compared to the continental average of 36%.
The mobile transaction safety challenge
Despite its rapid growth, mobile finance in Africa is faced with challenges such as cybersecurity threats, regulatory complexities and digital literacy gaps. The Kenya Communications Authority (CA) reported an increase of 333% of mobile applications threats between July and September 2024, cybercriminals targeting user data, including connection identification information and financial details.
However, these obstacles have additional innovation opportunities. Strengthening digital infrastructure, improving financial education and improving cybersecurity measures will be crucial to maintain the dynamics of mobile finance adoption.
By looking more broadly, the continuous increase in the use of mobile data highlights the mobile approach of Africa to Internet connectivity. This trend has important implications for cybersecurity.
Increased digital financial inclusion: The increase in mobile banking services and payments indicates greater financial inclusion by digital means, which is generally positive for economic development in Africa.
Increase in the attack surface: First, mobile use and users of mobile financial services mean a larger attack area for cybercriminals. Users are generally less vigilant on their smartphones and tablets compared to traditional computers, which makes them more sensitive to malicious Attacks. Secondly, with more people carrying out financial transactions on potentially unmarked and used devices, the risk and impact of cybercrime have increased.
The growing trend in mobile phone flight unlocked in the region highlights this problem. In South Africa, an average of 189 mobile phones are stolen daily, women being mainly targeted. Stolen devices, especially when unlocked at the time of the flight, grant criminals access to sensitive data, including banking applications and personal information.
Blurred lines between staff and professionals: The increase in the use of WhatsApp for work (from 89% in 2023 to 93% in 2025) shows a new vagueness of the lines between the personal and professional life of users. This can cause increased risks because personal devices may not have the same Level of security as an appeal managed by companies.
Need a mobile -centered security education: The survey results suggest an urgent need For cybersecurity education which is specifically focused on mobile security and best practices for using personal devices for work -related tasks. There is also a clear need for cybersecurity education specifically adapted to mobile financial services, focusing on secure transaction practices and recognizing financial fraud attempts.
The future of mobile finance in Africa
While the mobile transaction continues to gain ground, its impact will extend beyond payments and banks. Sectors such as agriculture, health care and education are increasingly incorporating mobile financial solutions to rationalize operations and improve services.
With progress in blockchain, artificial Intelligence and the open bank, the next phase of mobile finance in Africa promises to be even more transformative, stimulating economic inclusion and financial empowerment through the continent.
