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Sub-Saharan Africa Constitutes >64% Of Total Global Mobile Money
Half of all registered and active mobile money accounts in the world are based in Africa. In 2020, more than 27 billion transactions and US $490 billion was processed in Sub-Saharan Africa. The World Bank argues that mobile money can help to reduce poverty by increasing access to financial services and reducing transaction costs for low-income households. They also argue that mobile money has the potential to facilitate financial inclusion particularly for women, who often face barriers to accessing formal financial services.
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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