Financial services for everyone
The 10 countries with the highest proportion of residents living in extreme poverty are located in sub-Saharan Africa* yet at the same time, the region is home to nine of the world’s 15 fastest growing economies**. Having access to formal financial services such as bank accounts has been identified as a way of helping people to spread economic development and financial security.
However, the majority of people in sub-Saharan Africa are unbanked and cash is the predominant method of payment for all in this region. As mobile phone usage is more widespread than having a bank account, mobile financial services could serve as stepping stones towards financial inclusion. In order to become self-sufficient users, people need to first be aware of and try out mobile money services. Consumer awareness of the possibility to use mobile money themselves on the personal device, and the knowledge of how it works, varies between countries.
This Ericsson ConsumerLab report looks at five countries: Angola, Democratic Republic of Congo, Ghana, Nigeria and Uganda. Download the complete report for a more detailed look at the developments and opportunities for mobile financial services in Sub-Saharan Africa.
Many countries are making good progress towards the Millennium Development Goals and it’s time to stop talking about Sub-Saharan Africa as one place.”Hans Rosling, Professor of International Health and co-founder of Gapminder Foundation