Report: Mobile Money Driving Financial Inclusion in sub-Saharan Africa
Friday, May 18, 2018
IFC, a member of the World Bank Group, together with the Mastercard Foundation, have released a new report today, 16 May 2018 in Nairobi, documenting the transformation underway in financial inclusion in sub-Saharan Africa.
The findings are based on lessons learned from joint projects that have resulted in access to new digital financial services by more than 7.0 million users on the continent over the past six years.
Digital Access: The Future of Financial Inclusion highlights the phenomenal success of digital financial services in Sub-Saharan Africa and outlines the challenges still to be tackled to reach universal financial access. It captures the experience and knowledge gained by IFC and the Mastercard Foundation in supporting the growth of digital finance in Africa under the joint Partnership for Financial Inclusion since 2012. Working together with 14 microfinance institutions, banks, mobile network operators, and payments service providers across the continent, the joint initiative has resulted in 7.2 million new digital financial services users (a 250 percent increase from the baseline), 45,000 new banking agents, and $300 million in monthly transactions.
With this said, Riadh Naouar, Head of IFC’s Financial Institutions Group Advisory, Sub-Saharan Africa, is available to further unpack this report and its findings in partnership with the Mastercard Foundation.
“Financial inclusion is one of Africa’s great success stories of this decade. Mobile money solutions and agent banking now offer affordable, instant, and reliable transactions, savings, credit, and even insurance opportunities in rural villages and urban neighborhoods where no bank had ever established a branch,” noted IFC’s Chief Executive Officer Philippe Le Houerou and Mastercard Foundation President and Chief Executive Officer Reeta Roy in a joint foreword to the new report.