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Global Bank Account Usage
As Africa’s economies continue to develop, there is a growing demand for digital payment solutions that are convenient, secure and affordable.
Fintech is well-positioned to meet this demand, offering a range of digital payment solutions that are tailored to the needs of African consumers and businesses.
Over the past decade, sub-Saharan Africa showed the greatest growth in bank account ownership and usage, over any other region in the world. In 2021, it was found that 55% of Africans owned a bank account of some type, and 50% made or received a digital payment in the past year.
Related Report
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The Future of Fintech in Africa
Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.
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