Mobile Money Drives up Savings in Sub-Saharan Africa, Report Says

Mobile money drives up savings in sub-Saharan Africa, report says

The growing use of mobile money has driven a sharp rise in the number of people in sub-Saharan Africa who save money through formal channels. According to the World Bank’s Global Findex Database report, the share of adults with formal savings stood at 35% in 2024, a 12 percentage point increase from 2021. Some 40% of sub-Saharan Africans had a mobile money account in 2024, up from 27% three years earlier.“Once adults have these formal accounts a…

Africa’s Mobile Money Boom Enters New Phase As Savings Take Off

Africa’s mobile money revolution, once centred almost entirely on fast, low-cost payments, is undergoing a major shift as more users turn to digital platforms to save, not just spend. In 2024, about 1 in 3 adults in sub-Saharan Africa were saving money through a bank, mobile wallet, or another formal financial service—up from about 1 in 5 just three years earlier, according to the World Bank’s latest Global Findex Database. The surge, one of the…

Mobile Phones Fuel Surge in Savings: What the Global Trend Means for Laos

More adults than ever in low- and middle-income countries now have bank or other financial accounts, leading to a rise in formal saving, according to the World Bank Group’s Global Findex 2025 report.  This momentum in financial inclusion is creating new economic opportunities.  Mobile-phone technology played a key role in the surge, with 10 percent […]

Mobile Money Borrowing Hits 86% In Kenya As Uganda Catches Up

The Kenya Times ~ Trending, Breaking News and Videos Mobile Money Borrowing Hits 86% in Kenya as Uganda catches Up Over the last decade, digital financial services—especially mobile money—have transformed access to finance and driven significant progress in financial inclusion. According to the Global Findex 2025 Database report, Kenya continues to lead in the use of mobile technology to access digital financial services, with many users relying…

📲 Mobile payments increase dramatically in Africa and contribute to economic empowerment

Mobile payments have grown from 13 million accounts in 2010 to over 640 million accounts in 2023.In Sub-Saharan Africa, the share of people with mobile money accounts has increased from 12 percent in 2014 to 33 percent in 2021.A study showed that Kenya's M-PESA system lifted 194,000 households out of extreme poverty.Rapid growth transforms financial accessMobile payments differ from traditional bank accounts. You don't need a physical bank branc…