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Literacy Rates in Africa
One of the toughest challenges facing fintechs and banks trying to make a dent in financial inclusion is literacy rates across Africa. We’re not talking just about financial literacy here, but general literacy. Morocco and South Africa have the highest literacy rates in Africa; 98.2% of Moroccans and 95.3% of South Africans aged 15 years and older are literate. With regards to other dominant tech ecosystems, we have mapped literacy rates across key markets across the continent. This includes, 82.6% for Kenyans, 77.6% for Nigerians, and 73.1% for Egyptians. The country with the lowest literacy rate on the continent is South Sudan, where only 34.5% of the population aged 15 years and over is considered literate.
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.
