African depositors grew fivefold since 2004 according to IMF Financial Access Survey
Thursday, September 18, 2014
The International Monetary Fund (IMF) released the results of the fifth annual Financial Access Survey (FAS), revealing that among African countries reporting data on commercial bank depositors, depositors per 1,000 adults experienced a fivefold increase from 2004 to 2013, while simultaneously achieving a 40-percent growth in real GDP per capita.
This is also the first year that the global survey of consumer financial services included mobile money indicators.
The enhanced data found that Kenya showed a dramatic increase in the number of active mobile accounts in the past few years. In 2007, mobile money accounts represented just 30 per cent of deposit accounts in commercial banks, but by 2009, they surpassed the number of commercial bank deposit accounts. At the same time, the number of mobile money transactions increased by more than 130 times, from close to 5.5 million in 2007 to more than 700 million in 2013.