Kenya leads Africa with 90.1% account ownership as mobile money boosts financial inclusion across Sub-Saharan Africa, says World Bank.
Over the past decade, account ownership across Sub-Saharan Africa (SSA) has soared, driven largely by the widespread use of mobile money platforms, according to the World Bank’s 2025 Global Findex Report titled “Connectivity and Financial Inclusion in the Digital Economy.”
In SSA (excluding high-income countries), 58.2% of adults aged 15 and above now own an account with a bank, mobile money provider, or similar institution—up from 49.3% in 2021 and more than double the 23.3% in 2011, when the first round of Findex data was published.
“Mobile money accounts are driving this growth in account ownership,” the report noted. “More than half of all accounts in low- and middle-income economies are now digitally enabled through mobile phones or payment cards.”
This aligns with the GSMA’s 2024 State of the Industry Report on Mobile Money, which confirms that Africa is home to over 1.1 billion registered mobile money accounts—more than half the global total—compared to just 395.7 million in 2019.
Mobile Money Leaders in Sub-Saharan Africa (2024)
Kenya leads SSA, overtaking Mauritius. This rise from 79.1% in 2021 is fueled by the pervasive use of M-Pesa and Airtel Money. Nearly 93% of Kenyan adults own a mobile phone, and 60% accessed the internet recently. In 2024, 89% made or received digital payments, making Kenya a global benchmark for mobile-enabled financial inclusion.
Mauritius slightly declined from 90.5% in 2021. Despite excellent infrastructure—94% mobile phone ownership and 77% internet usage—only 32% of adults saved formally in 2024, and 19% borrowed, reflecting limited credit engagement.
Jumping from 68.2% in 2021, Ghana’s progress is linked to digitization drives and mobile wallet adoption. In 2024, 80% of adults made digital payments, 67% saved formally, and 88% own mobile phones.
Down from 85.4% in 2021, South Africa retains the continent’s most sophisticated banking system. In 2024, 67% made digital payments, 36% saved, and 13% borrowed. Internet and mobile access remain strong at 68% and 87%, respectively.
Up from 56% in 2021, Senegal’s 21-point rise was powered by better rural connectivity and women’s access. In 2024, 73% made digital payments, 58% saved, and 87% own a mobile phone.
With digital payments at 68%, Namibia shows strong trust in formal financial services: 44% saved, 22% borrowed, 80% own mobile phones, and 56% have internet access.
From 66% in 2021, Uganda’s growth reflects strong fintech engagement. In 2024, 71% used digital platforms, 54% saved, and 29% borrowed. Mobile phone access is at 79%, but internet access remains low at 38%.
One of SSA’s biggest jumps—from 49% in 2021—Zambia now sees 71% making digital payments, 50% saving, and 18% borrowing. Mobile access is 79%, but internet penetration is only 39%.
Gabon’s slow rise from 66% highlights modest fintech growth. 67% used digital payments, 39% saved, and with 87% mobile ownership and 70% internet access, potential for deeper inclusion remains.
Nigeria improved from 45% in 2021. However, with only 9% borrowing, it shows trust issues with formal lending. Still, 57% used digital payments, 43% saved, and 84% own mobile phones.
Despite improvements, financial exclusion remains deep in parts of Africa. In 10 nations, less than 40% of adults have financial accounts.
- Niger – 15%
- Chad – 21%
- Madagascar – 25%
- Mauritania – 27%
- Libya – 33%
- Algeria – 35%
- Guinea – 36%
- Tunisia – 38%
- Gambia – 38%
These countries continue to face barriers such as poor infrastructure, digital illiteracy, gender inequality, and low mobile and internet penetration.
Final Thought
As digital infrastructure continues to expand, mobile money remains central to Africa’s financial inclusion story. Countries like Kenya and Ghana are showing the world how to bridge the financial access gap using mobile-first solutions.
More Data: Visit the full World Bank Findex Database or explore GSMA’s Mobile Money Insights.
