The rise of mobile and digital banking has helped millions of Africans gain access to finance in areas where traditional banking networks don’t reach. The rise of mobile banking in AfricaMobile banking in Africa started as a facility for transferring airtime between mobile accounts. Today, 48% of Africa’s population uses banking services, according to the African Digital Banking Transformation Report 2023. Mobile banking put Sub-Saharan Africa in the leadIn Africa and many other developing markets, most digital banking takes the form of mobile banking. The GSM Association, which represents mobile network operators worldwide, ranks Sub-Saharan Africa as the world leader in mobile banking in terms of live services, subscribers and transactions.

Source: The North Africa Journal November 22, 2023 11:47 UTC