Why most people don't have bank accounts in most parts of Africa.The surprising technology filling the void
Why Most People Don't Have Bank Accounts in Africa: The Surprising Technology Filling the Void For many around the world, accessing a bank account is a given a tool for receiving salaries, paying bills, and saving for the future. However, in many parts of Africa, this is not the reality. Traditional banking, with its need for physical branches and formal paperwork, has often failed to reach vast rural populations and those with lower or irregular incomes. This is not because people lack money or financial needs; they pay school fees, settle bills, and support families. The question then arises: how do they manage their economic lives? The answer lies in a surprising technological leap that has bypassed traditional banking entirely: the widespread adoption of mobile money. The Scale of the Shift The move to mobile money is not a niche trend. By 2023, there were over 640 million mobile money accounts globally, with more than half located in Sub-Saharan Africa. The region is home to a...