Only 37% of adults in Africa have a traditional bank account, while 60% own a mobile money account, according to a report published in late 2025 by the pan-African research network Afrobarometer, reported by Ecofin Agency.
Titled “Who owns a bank account in Africa? Predictors of financial access and implications for domestic capital mobilisation,” the report draws on surveys conducted in 35 African countries.
Sample sizes ranged from 1,200 to 2,400 adults per country and were stratified by sex, age, region, and place of residence.
The findings highlight the critical role of mobile money in widening access to financial services while showing that many Africans remain excluded from formal banking.
Ownership of bank and mobile money accounts varies widely across countries. Mauritius (99%) and Seychelles (97%) report near-universal bank account ownership among adults, compared with fewer than one in 10 in Guinea (9%) and Madagascar (6%).
Mobile money is most common in Kenya (92%), Gabon (89%) and Ghana (88%), but less than one in five adults use it in Chad (19%), Sao Tome and Principe (16%), Morocco (12%) and Tunisia (12%).
By sub-region, Central Africa (70%) and East Africa (67%) have the highest rates of mobile money ownership, followed by Southern Africa and West Africa at 62% each, while North Africa records the lowest at 26%.
Bank account ownership is highest in East Africa (45%) and Southern Africa (44%), followed by North Africa (38%) and West Africa (32%), with Central Africa lowest at 25%.
Limited banking infrastructure in rural areas, high transaction costs, weak digital connectivity, and restricted access to identity documents partly explain these gaps.
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Socio-economic factors further drive disparities. Low financial literacy, irregular income from informal employment, and gender inequality reduce access.
In some North African contexts, religious considerations add barriers, as Sharia law prohibits riba (usury), making conventional interest-based banking appear incompatible with religious norms.
Across the 35 countries surveyed, account ownership is strongly linked to sex, employment, poverty, education, residence, and age. Men (66%) and urban residents (68%) are more likely to have a mobile money account than women (57%) and rural residents (55%).
A similar pattern exists for bank accounts, with 42% of men reporting ownership compared with 32% of women, and 49% of urban residents holding bank accounts versus 25% of rural residents.
Banks are concentrated in cities, leaving rural communities with long distances, few branches, and high transport costs. Women face additional barriers from labor market inequalities, income gaps, and social norms.
Poverty is closely linked to financial exclusion. While 69% of wealthy individuals have a bank account, only 24% of people living in extreme poverty do.
Age also matters: young adults aged 18 to 35 are more likely to have a mobile money account (64%) than those over 55 (49%), but are less likely to hold a bank account (34%) than older adults.
Employment is another factor: full-time workers are more likely to have a bank account (68%) than unemployed respondents (25–27%), as bank accounts are often required to receive wages, access credit, or meet verification requirements.
Mobile money has emerged as a more inclusive alternative, with ownership exceeding 50% across all employment categories, including people without jobs or not seeking work (52%).
It allows deposits, withdrawals, transfers, and savings via mobile phones without requiring a stable income, formal employment, or proximity to a bank branch, helping fill the gaps left by traditional banking.
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Image Credit: TechAfrica News
