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Mobile Money Account Growth in Africa, 2014 vs 2021
According to the World Bank, over the past decade from 2011-2020, 1.2 billion previously unbanked adults gained access to financial services for the first time, and the global unbanked population fell by 35%; this was primarily boosted by the increase in mobile money accounts. While more than 1.7 billion adults, equivalent to 22% of the world population, remain unbanked globally, fintech is helping make financial services more accessible to an increasing number of people.
Related: IFC on Fostering Financial Inclusion via Fintech Investments in Africa
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.
