Africa’s financial inclusion story is often told as a story of access meaning more accounts, more wallets, more agents, more apps.
But there’s a perspective that still doesn’t get enough attention:
Africa is not only underbanked but it is still underwritten.
Access Has Expanded Rapidly and Mobile Money Has Powered It
Across Sub-Saharan Africa, progress on access has been dramatic. Account ownership has more than doubled since 2011, reaching 49% of adults in 2021 to 2022.
Mobile money has been a major engine of that shift. Today, 28% of adults in Sub-Saharan Africa have a mobile money account and the region is home to all 12 economies where more adults have only a mobile money account than a bank account.
But Many Households and MSMEs Are Still Financially Invisible Where It Matters Most
Even with rising access, many people and small businesses remain financially invisible in ways that limit resilience and opportunity.
1) They can transact, but can’t prove
Cashflows happen every day, but they don’t translate into portable, trusted financial histories that unlock affordable credit, insurance or long-term savings.
2) They can receive money, but lose value in motion
Remittance costs in Sub-Saharan Africa still hover around ~8%, well above the SDG target of 3%.
3) They can pay locally, but hit friction across borders
The next leap is interoperability, especially as intra-African trade grows. Systems like PAPSS are building cross-border rails and are already integrated with significant numbers of commercial banks, with plans to enable more direct local-currency exchange.
The Next Chapter Is Not “More Wallets”
If inclusion is the goal, the next chapter is not simply about expanding access again.
It is about balance-sheet inclusion, converting everyday economic activity into resilience.
That requires building three layers, continent-wide:
- Trust rails (digital ID, strong KYC, fraud prevention)
- Interoperable payment rails (wallet-to-bank, wallet-to-wallet and cross-border)
- Consent-based data rails (so people and MSMEs can carry their financial reputation across providers without becoming “data exhaust”)
Why This Matters
The real promise of inclusion is not just a new way to move money.
It is a new way to reduce the penalty of being poor: volatility, distance and invisibility.