Digital Finance and Financial Inclusion in Africa

A well-functioning financial system is essential for fostering economic growth. However, the development of the financial sector has been insufficient in Africa. The average rate of adults’ bank account ownership in sub-Saharan Africa was only 55% in 2021. With the exception of South Africa, which has a well established traditional financial industry, and Kenya, a digital leader in Africa with a remarkable performance in mobile money penetration, there is still ample room for improving financial inclusion throughout the African continent.