The rise of mobile money and digital platforms offers consumers a variety of solutions—including mobile wallets, apps, websites —fostering greater financial inclusivity.

In countries like Kenya, mobile money accounts reached 79% of adults in 2021. In areas with limited access to traditional banking, services such as M-Pesa in Kenya, MTN MoMo in Ghana, and OPay in Nigeria allow people to send money, save and access credit. Similarly, nations like Côte d’Ivoire, Senegal, Tanzania, and Rwanda are experiencing rapid growth in mobile money adoption.

Companies like Western Union are further facilitating this change by combining digital and physical services. Customers can initiate transactions online or in person, sending money to mobile wallets, bank accounts, or for cash pick-up worldwide. By collaborating with agents and forming partnerships with fintechs, Western Union ensures access to global financial services, whether or not customers have a traditional bank account.

Remittances from Africa’s diaspora – estimated at USD 95.6 billion annually – are a vital part of the continent’s financial ecosystem. These funds support families, invest in businesses, and fund education, with mobile money and digital platforms making the process faster and more accessible.

Government Support and Innovation
Governments across the continent are playing a key role in driving financial inclusion. The Central Bank in Kenya has enabled interoperability between mobile money services, increasing flexibility in money transfers. In South Africa, government-backed mobile payment systems are improving distribution of social grants. Egypt’s National Financial Inclusion Strategy is promoting QR code payments, while Ethiopia’s state-backed mobile service Telebirr, is gaining traction.

Looking ahead, the future of Africa’s financial system will rely increasingly on seamless cross-border transactions. Initiatives like the Pan-African Payment and Settlement System are paving the way for instant payments across borders. The African Financial Inclusion Policy Initiative (AfPI) further enhances interoperability, fostering greater integration between nations.

As technology and AI evolve, they will continue to narrow the financial inclusion gap, fueled by collaborations between governments, NGOs, and private sector players.

The Path Forward
Africa’s digital payments sector is projected to reach USD 1.5 trillion by 2030, signalling a clear shift from cash to mobile-first finance. Mobile financial services have become more than just a tool—they are a cornerstone of economic empowerment, helping consumers, businesses, and governments thrive in an increasingly connected world.

The ambition must be to achieve 100% financial inclusion. This is not a distant ideal; it’s an attainable goal. By continuing to invest in mobile money infrastructure and strengthening partnerships between governments, fintech companies, and international players, we can ensure that no one is left behind.

The momentum is building, and the potential is limitless. Together, we can unlock a future where mobile finance drives not only economic growth but also prosperity and opportunity for all.