9 African Countries That Score Highest for Financial Inclusion
Thursday, August 27, 2015
Mobile technology has accelerated financial inclusion for the so-called under served — people with inadequate access to traditional banking institutions — according to a newly released Brookings report.
African countries rank high and often on Brookings’ list of countries committed to financial inclusion.
Regional trends that emerge from the report indicate Africans are storing higher volumes of money on mobile accounts than people in other regions.
Mobile technology accelerates financial inclusion in places that lack legacy financial institutions, according to the report. A gender gap that persists in ownership of financial accounts could be reversed with greater access to mobile money services.
The Brookings Financial and Digital Inclusion Project evaluates access to — and use of — affordable financial services by under-served people in 21 countries. Of these 21 countries, nine are in Africa including four of the top five scorers.
The Brookings Institution is a U.S. nonprofit think tank in Washington, D.C. that conducts research and education mainly in economics, but also in governance, domestic and foreign policy, and development.