Some of the more radical changes in financial services today are happening in Africa, where new products and delivery methods are reaching the financially excluded and the underserved. No region in the world has seen digital financial services (DFS) contribute more to financial inclusion in the last few years than Africa. The 2017 Global Findex results attest to this fact, with Africa leading in the Mobile Money accounts, currently at 20.9% of adult population compared to 4.2% in South Asia, 5.3% in Latin America & Caribbean and 4.4% globally. The data also shows that 34.4% of adult population in Sub-Saharan Africa made or received digital payment in 2017, up from 26.9% in 2014. This proliferation has extended beyond account ownership and basic transactional use, and now includes a broad array of financial services such as credit, savings, insurance and cross-border remittances.
New market entrants such as Mobile Network Operators (MNOs), FinTechs and other third-party agents are capitalizing on the proliferation of digital and mobile channels, which is reducing costs and making financial services more convenient and accessible to customers, while moving away from unsecured cash-based transactions. DFS as opposed to traditional banking services also provides customers the ability to transact in small amounts.
NEWS & EVENTS
We are a multi-donor initiative with a strong partnership and collaborative mindset. We work with a variety of local, regional, and international institutions, both public and private, in order to achieve our mission to develop the African financial systems. Below is a summary of the institutions we work with to support the development of Digital Finance in Africa.