September 23

Analysis: Digital Technology Is Stimulating Financial Inclusion in Sub-Saharan Africa

By Alexander Ayertey Odonkor

The widespread usage of digital technology in sub-Saharan Africa (SSA) is an essential phenomenon that fosters productivity in the digital economy and integrates markets in the region.

In the last quarter of 2018, SSA was home to 456 million unique mobile subscribers – representing an increase of 20 million subscribers over the previous year. Projections from the GSMA Intelligence report for 2019 suggest that by 2025, there will be more than 600 million mobile subscribers in the region, thus about 50% of the total population in SSA will be connected.

With a Compound Annual Growth Rate (CAGR) of 4.6% and an additional 167 million mobile subscribers from now to 2025, SSA continues to be the fastest growing region in the world. The hotspots for the fastest growth levels from the period to 2025 will be in Nigeria and Ethiopia – accounting for growth rates of 19% and 11%, respectively.

Photo courtesy of USAID Digital Development.

Source: The Brussels Times (link opens in a new window)

Finance, Technology
financial inclusion, fintech, sustainable business