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financial inclusion

Five ways Nigeria can realize mobile technology's potential for the unbanked

Leora Klapper's picture

Although it’s Africa's largest economy, Nigeria is missing out on the region’s most exciting financial innovation: mobile money.
Twenty-one percent of adults in Sub-Saharan Africa have a mobile money account, nearly double the share from 2014, according to the latest Global Findex report.
By contrast, Nigeria lags behind: just 6% of adults have a mobile money account, a number virtually unchanged from 2014.

Financial inclusion in Ethiopia: 10 takeaways from the latest Findex

Mengistu Bessir's picture
In Ethiopia, women account for a disproportionate share of the unbanked, and the gap is widening. Photo: Binyam Teshome/World Bank

The World Bank Group (WBG), with private and public sector partners, set an ambitious target to achieve Universal Financial Access (UFA) by 2020. The UFA goal envisions that, by 2020, adults globally will be able to have access to a transaction account or electronic instrument to store money, send and receive payments. The WBG has committed to enabling one billion people to gain access to a transaction account through targeted interventions. Ethiopia is one of the 25 priority countries for UFA initiative.

In Uganda, greater financial inclusion is the key to unlocking rapid growth

Rachel K. Sebudde's picture
Photo: Sarah Farhat/World Bank.

Ugandan’s access to financial services has improved dramatically in recent years. More than half of Uganda’s adult population now has access to an account at a formal financial institution. This is almost twice as many as in 2009. The entry and fast penetration of mobile money is the main reason for the increase, having allowed 8 million Ugandans to conduct financial transactions.

L’accès universel aux services financiers d’ici 2020 ? L’Afrique subsaharienne, un exemple à suivre

Irina Asktrakhan's picture
Also available in: English

La Banque mondiale se fixe un objectif ambitieux : garantir l’accès universel aux services financiers formels d’ici 2020. Même si 700 millions de personnes disposent d’un compte bancaire depuis 2011, environ deux milliards ne sont toujours pas bancarisées (a). À l’heure où la Banque mondiale cherche à développer l’inclusion financière dans le monde entier, elle devrait prendre exemple sur l’Afrique subsaharienne.

Universal financial access by 2020? Look to Africa for inspiration

Irina Asktrakhan's picture
Also available in: Français

The World Bank (WB) has set an ambitious goal of securing universal access to formal financial services by 2020. Although 700 million people have signed up for a bank account since 2011, about two billion worldwide remain unbanked. As the WB seeks to expand worldwide financial inclusion, it should look to Sub-Saharan Africa (SSA) for inspiration.

La nécessaire transformation du secteur bancaire et financier en Afrique

Caroline Kende-Robb's picture
Also available in: English

L’Afrique est à la croisée des chemins. La croissance économique s’est consolidée sur la majeure partie du continent et, dans de nombreux pays, les exportations sont en pleine expansion, les investissements étrangers en hausse et l’aide extérieure moins nécessaire. Les réformes de gouvernance transforment le paysage politique. La démocratie, la transparence et la responsabilisation des pouvoirs publics progressent, donnant aux habitants de la région un plus grand poids dans les décisions qui touchent leur quotidien.

Shaking up Finance and Banking in Africa

Caroline Kende-Robb's picture
Also available in: Français

Africa stands at a crossroads. Economic growth has taken root across much of the region. In many countries, exports are booming, foreign investment is on the rise and dependence on aid is declining. Governance reforms are transforming the political landscape. Democracy, transparency and accountability have improved, giving Africa’s citizens a greater voice in decisions that affect their lives.

Building financial capability in Rwanda

Douglas Randall's picture

Rwanda’s level of financial inclusion is fast increasing, propelled forward by ambitious targets and innovative policy and regulatory approaches. The 2008 and 2012 FinScope surveys showed that financial inclusion had doubled from 21 to 42 percent and the 2015 iteration is expected to show continued progress. But with such a large and rapid movement of adults into the formal financial sector, ensuring that the ‘newly banked’ are able to effectively and responsibly select and use financial products is critical.