Kenya is the undisputed leader of mobile banking in Africa, according to a research published early June 2019 by Egyptian investment bank EFG Hermes.

Named "The Mobile: Deepening Financial Inclusion But at a High Cost," this study reveals that in Kenya, 72% of banking clients use their mobile phones to access services such as savings and credit. This is about thrice the world average (25%).

With 47% of banked people using Mobile Banking, Uganda is the second in the continent ahead of Zimbabwe (45%), Tanzania (37%), Ghana (36%), Rwanda (29%), Zambia (26%), Botswana (25%),  South Africa (20%) and Nigeria (8%).

The average mobile banking use by the banked population in Subsahara Africa is 21%.

The study also reveals that Ghana is the African first in terms of mobile money penetration rate with 152%, ahead of Rwanda (142%) and Kenya (105%).

Let’s note that a penetration rate above 100% means that part of the population has access to these services with more than one telephone line.