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.

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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.