2017 Global Findex Report: Africa at a Glance

Apr 23, 2018

Measuring Financial Inclusion and the Fintech Revolution

The World Bank’s 2017 Global Financial Inclusion Index (“Global Findex”) released on 19th April, shows that the number of adults who own a mobile money account in sub-Saharan Africa has almost doubled since 2014. Approximately 60 million Africans have gained access to a digital money account since 2014. Today, nearly 123 million adults in sub-Saharan Africa have a mobile money account and the region remains the global leader in the use of mobile money. The share of adults with an account in a financial institution, has risen by a modest 4 percentage points since 2014, from 28.9% to 32.8%. The share of adults with a mobile money account has grown roughly twice as fast (9%) reflecting a true turning point in Africa’s journey to boost financial inclusion. According to the report, recent progress has been driven by digital payments, public policies, and a new generation of financial services expanding access through mobile phones and the internet. While mobile money accounts were concentrated largely in East Africa in 2014, today, these accounts have spread to the rest of the continent with West Africa boasting a 33% rise in the share of adults owning a mobile money account. The report also sheds light on recent financial inclusion trends which will be discussed in our upcoming newsletter on Financial inclusion. The full report is available here.