Mobile Drives Financial Inclusion In Africa, Growing 20% In Past Six Years

Forbes - Tech 

Driven by mobile, there have been $300-million in monthly transactions in Africa from 7.2-million new people using digital financial services and 45,000 new banking agents due to a financial inclusion project. The Partnership for Financial Inclusion program, run by the IFC and the Mastercard Foundation, has been operating since 2012 and has been working with 14 microfinance institutions, banks, mobile network operators, and payments service providers across the continent. In general, according to the recently published World Bank Findex survey, financial inclusion in Sub-Saharan Africa has "increased dramatically" from 23% in 2011 to 43% in 2017. The 7.2-million new digital finance users are a 250% increase from the 2012 baseline, the organisations said in a statement. "Saharan Africa is the only region where the share of adults with a mobile money account exceeds 10 percent".

  Country: Africa (1.00)
  Industry: Banking & Finance (1.00)
  Technology: Information Technology > e-Commerce (0.62)

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