SmartPhones Are Driving a Surge in Africa Bank Accounts: Chart


An increase in the number of people using mobile phones to bank is boosting financial inclusion in sub-Saharan Africa, where 43 percent of adults had an account last year, compared with 34 percent in 2014. The World Bank’s Global Findex Database shows that regional disparities abound. Financial inclusion in Kenya, where two-thirds of people over 15 have an account linked to their mobile phones, reached 82 percent in 2017, but it fell 5 percentage points to 39 percent in Nigeria, where 5.6 percent of adults have embraced the technology.

— With assistance by Paul Wallace

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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