A recent report, “The Global Findex Database 2025: Connectivity and Financial Inclusion in the Digital Economy,” reveals the transformative impact of mobile money on the financial landscape of Sub-Saharan Africa.
The document highlights the region’s unique position at the forefront of the mobile money revolution, driven significantly by telecommunications companies.
According to the report, a substantial 40 percent of adults across the four subregions of Sub-Saharan Africa now possess a mobile money account. These accounts are not merely for transactions; they serve as a critical avenue for saving and, in some economies, have become the dominant source of formal credit.
For instance, in 2024, over 20 percent of adults in Ghana, Kenya, and Uganda leveraged mobile money providers for borrowing. The report also notes an emerging trend of formal borrowing through other digital credit channels in the region.
The convenience of mobile money for digital payments is evident, with account owners often showing more frequent outflows than inflows. However, the most significant barrier to mobile money account ownership for unbanked adults in Sub-Saharan Africa remains a lack of funds.
The report also sheds light on digital connectivity and safety. While many mobile phone owners in Sub-Saharan Africa encounter scams, only a small minority report falling victim. A notable challenge in the region is the lack of universal ID ownership, which creates hurdles for individuals in obtaining SIM cards and accessing financial services. This issue is compounded by significant gender disparities in ID ownership in some areas. For those without an account, approximately 15 percent in Sub-Saharan Africa are unable to open a mobile money account due to insufficient documentation.
Internet use is prevalent, with most users accessing it daily and purchasing data monthly. However, Sub-Saharan Africa grapples with the world’s highest mobile data costs as a percentage of household income. A gigabyte of data costs an average of 2.4 percent of monthly income, and a staggering 5 percent of the average income for the poorest 40 percent of the population.
From a financial health perspective, school fees are a major source of concern, particularly in Central Sub-Saharan Africa. Borrowing for business purposes is also highly prevalent, accounting for 16 percent of adult borrowing in the region. The report also notes the region’s higher average exposure rates to natural disasters.
Despite the challenges, the report emphasizes the importance of digital enablers in expanding mobile money account ownership. Roughly a quarter of unbanked adults in Sub-Saharan Africa, totaling over 80 million people with equal representation of women and men, possess the fundamental prerequisites—an ID, a mobile phone, and a SIM card registered in their name—to become mobile money account holders. For this “digitally ready” demographic, financial constraints remain the primary obstacle.
