News 

Sunday, April 26, 2015 

Banked percentage rises in Africa

KAMPALA, Uganda - An estimated 34% of adults in sub-Saharan Africa now have a bank account.

According to the latest edition of the Global Findex, the world’s most comprehensive gauge of progress on financial inclusion, 12% of adults in the region have a mobile money account compared to just 2% globally. 

Kenya leads with mobile money account ownership at 58%, while Tanzania and Uganda have rates of about 35%.  Some 13 countries in the region have mobile money account penetration of 10% or more.

In Cote d’Ivoire, Somalia, Tanzania, Uganda, and Zimbabwe, more adults have a mobile money account than an account at a financial institution. 

In Kenya more than half of adults who pay utility bills use a mobile phone to do so. Tanzania has almost a quarter of those receiving payments for the sale of agricultural products into a mobile accounts.  About 48% of adults in Sub-Saharan Africa send or receive domestic remittances through this manner.

World Bank Group President Jim Yong Kim said last week, ““Access to financial services can serve as a bridge out of poverty. We have set a hugely ambitious goal – universal financial access by 2020 – and now we have evidence that we’re making major progress.”

The Findex report says between 2011 and 2014, 700 million people became account holders at banks, other financial institutions, or mobile money service providers, and the number of ‘unbanked’ individuals dropped 20% to two billion adults.

By John Sambo, Sunday, April 26th, 2015