Mobile money: how digital payments have impacted economic growth
Please complete the form below or register for a free public account to access this report.
Over the past decade, mobile money has become a mainstream financial service across many low- and middle-income countries. The positive social and economic impacts that mobile money enables for individuals, households and businesses have been demonstrated by a large body of research and empirical evidence. However, the macroeconomic impacts of mobile money are much less understood, particularly in relation to GDP growth.
This study is the first to establish a causal link between the adoption of digital financial services and long-term economic growth. It shows that mobile money had a positive and significant impact on GDP growth in the 2013–2022 period. This impact was enhanced by broader and more intense usage of different mobile money products, particularly merchant, bill and bulk payments and international remittances. By the end of 2022, mobile money had lifted the GDP of mobile money countries by 1.5%, or almost $600 billion.
Download the Report
Complete the form below to get instant access to this report. For easier access in the future, you can register for a free account here.
Related research
Design matters: how interoperability models impact financial inclusion and competition
This report evaluates the impact of mobile money interoperability on adoption, usage and competition. With interoperability now present in more than 90 markets, the study moves beyond binary classifications to assess how different policy models – market-led, regulator-led and voluntary – affect outcomes.
Promoting DFS adoption among underserved market segments
This report explores how digital financial services (DFS) are reshaping access to finance in low- and middle-income countries, particularly for underserved individuals and nano, micro and small enterprises. Despite significant progress – driven by innovations such as mobile money – 1.4 billion people remain unbanked, with women, rural communities and less educated groups most affected.
The State of Mobile Internet Connectivity 2025: Affordability of Internet-Enabled Handsets and Data
The final report in this series explores how affordability of entry-level, internet-enabled handsets and various data bundles have changed over time, and how affordability impacts different segments of the population.
Authors
How to access this report
Annual subscription: Subscribe to our research modules for comprehensive access to more than 200 reports per year.
Enquire about subscriptionContact our research team
Get in touch with us to find out more about our research topics and analysis.
Contact our research teamMedia
To cite our research, please see our citation policy in our Terms of Use, or contact our Media team for more information.
Learn moreRelated research
Design matters: how interoperability models impact financial inclusion and competition
This report evaluates the impact of mobile money interoperability on adoption, usage and competition. With interoperability now present in more than 90 markets, the study moves beyond binary classifications to assess how different policy models – market-led, regulator-led and voluntary – affect outcomes.
Promoting DFS adoption among underserved market segments
This report explores how digital financial services (DFS) are reshaping access to finance in low- and middle-income countries, particularly for underserved individuals and nano, micro and small enterprises. Despite significant progress – driven by innovations such as mobile money – 1.4 billion people remain unbanked, with women, rural communities and less educated groups most affected.
The State of Mobile Internet Connectivity 2025: Affordability of Internet-Enabled Handsets and Data
The final report in this series explores how affordability of entry-level, internet-enabled handsets and various data bundles have changed over time, and how affordability impacts different segments of the population.
- 200 reports a year
- 50 million data points
- Over 350 metrics