The mobile money transactions spiralling fast and it hit $3.45 billion in 2022, which was over 33 per cent higher than the prediction made in 2021, according to the GSMA's annual 'State of the Industry Report on Mobile Money 2023' published today.

The report is annually published by the GSMA and funded by the Bill and Melinda Gates Foundation.

Total transaction value for mobile money grew from $1 trillion in 2021 to around $1.26 trillion in 2022, the report said.

The report demonstrates that rates of adoption are even quicker than expected, with the number of registered mobile money accounts growing by 13 per cent year-on-year, from $1.4 billion in 2021 to $1.6 billion in 2022.

While it took the industry 17 years to reach the first 800 million customers, it has taken just five years to reach the next 800 million, posting an extremely significant growth, according to the report.

However, in many areas worldwide, more work is still needed to help give underserved communities access to safe, secure and affordable financial services, with 1.4 billion people worldwide remaining unbanked, it noted.

The GSMA is a global organisation unifying the mobile ecosystem to discover, develop and deliver innovation foundational to positive business environments and societal change, according to the organisation's website.

The GSMA unites over 1,000 mobile operators and businesses across the ecosystem and related industries to advance innovation and reduce inequalities around the world, it said.