Africa has been experiencing great advancements in financial inclusiveness. About 34 percent of adults in sub-Saharan Africa had a bank account in 2014 compared to 24 percent in 2011. Kenya leads the way as the most financially inclusive country in Africa.
Financial inclusion is making big steps ahead in Africa; in global terms, the African continent leads the adoption of digital financial services as 12 percent of sub-Saharan Africans have a mobile money account, compared to 2 percent of the world population.
In the 2016 Financial and Digital Inclusion Project, The Brookings Institution report explored 26 diverse emerging countries and their progress in improving financial inclusion, based on the level of country commitment, mobile capacity, regulatory environment, and the adoption of traditional and digital financial services. Five African countries scored high points: Kenya, South Africa, Uganda, London, and Nigeria.
Ventures Africa reports that Kenya leads the way as the most financially inclusive country in Africa. “With the success of M-PESA, Kenya has experienced tremendous growth in financial inclusion. The country is considered to have the most mature mobile money market in the world. Kenya has also experienced a 50 percent increase in financial inclusion over the last decade.”
Further reading on venturesafrica.com
Image by klndonnelly via Flickr