Mobile Money Drives Savings Growth in Africa, But Credit Access Stalls
This expansion has outpaced traditional banking and positioned mobile platforms as the dominant financial access channel in the region.
Mobile money continues to drive financial inclusion across Africa, enabling millions to save securely and regularly. According to the World Bank’s Global Findex Database 2025, Sub-Saharan Africa remains the global leader in mobile money adoption, with 40 percent of adults owning a mobile money account in 2024, up from 27 percent in 2021. This expansion has outpaced traditional banking and positioned mobile platforms as the dominant financial access channel in the region.
The strongest gains have been recorded in savings. In 2024, 39 percent of adults in Sub-Saharan Africa saved formally through bank accounts or mobile money, marking a 16 percentage point increase since 2021. Mobile wallets have become widely used for household savings, small business growth, education, and health-related expenses. In several economies, such as Senegal, the share of adults saving formally rose dramatically between 2021 and 2024, demonstrating the growing role of digital finance in building resilience.
Despite this progress, credit access remains largely stagnant. Only 23 percent of adults in Sub-Saharan Africa borrowed formally in 2024, unchanged from 2021. The majority continue to depend on informal borrowing from family, friends, or community networks. Structural barriers limit the growth of credit markets, including underdeveloped credit bureaus, lack of collateral, cautious regulatory approaches to digital lending, and the high cost of borrowing.
Persistent gaps remain in who benefits from financial services. Although gender gaps in account ownership have narrowed, women are still less likely to borrow formally than men. Rural populations, while benefiting from mobile money transfers and savings tools, continue to face barriers in accessing affordable credit products suited to their needs.
The findings suggest that the next phase of financial inclusion in Africa must focus on credit expansion. Mobile money has established a foundation for savings and digital payments, but scaling access to responsible credit will be essential for unlocking broader economic opportunities. Solutions such as using mobile transaction histories for credit scoring, expanding micro-lending models, and strengthening consumer protection frameworks could help move the region from savings growth to credit empowerment.
