• Share of African adults with a mobile money account rose from 27% in 2021 to 40% in 2024, the highest rate worldwide.
• Savings through mobile money accounts doubled in three years, but digital lending remains stuck at 7%.
• Regulatory caution, high interest rates, and limited trust are slowing mobile-based credit growth.

The share of adults in Africa with a mobile money account grew from 27% in 2021 to 40% in 2024, the highest in the world, according to the World Bank’s July 2025 report The Global Findex Database 2025: Connectivity and Financial Inclusion in the Digital Economy.

The study found that 23% of African adults saved money through a mobile account in 2024, up from 13% in 2021. In total, 35% reported saving either digitally or through traditional institutions. In Ghana, Kenya, Senegal, and Uganda, more than half of adults used mobile money for savings, showing broad adoption of the service.

Mobile money offers easier access than traditional banking, allowing small deposits, flexible withdrawals, and local agent networks, which benefit rural and informal communities.

Savings up, credit stagnant

Despite the success in savings, mobile money credit access remains low. In 2024, only 7% of adults borrowed through a mobile account, the same rate as in 2021. By comparison, 59% accessed credit overall, mainly from informal sources such as family or rotating savings groups.

In leading mobile money markets like Kenya, Ghana, and Uganda, between 22% and 32% of adults borrowed from mobile operators. However, these loans are usually small, short-term, and often carry high interest rates, limiting their broader economic impact.

The World Bank attributes the gap to cautious regulation, with authorities seeking to prevent over-indebtedness and fraud. Business models also favor deposits and payments, which carry less risk than lending. Customers are often reluctant to borrow from platforms not known for lending, citing distrust, low financial literacy, and strict eligibility tools.

Some fintechs and mobile platforms are gradually expanding credit options, using alternative credit scoring and nano-loans for small businesses. Countries like Kenya, where mobile operators, banks, and regulators work closely together, are moving faster, but progress elsewhere is slow.

The report stresses the need to link digital savings access with financial literacy programs, user protection, and regulatory innovation so that credit can grow without increasing the vulnerability of borrowers.

For the World Bank, mobile money’s full potential in Africa will only be realized when it supports productive investment as much as it does savings. This requires building customer trust, improving interoperability between services and institutions, tailoring loans to local economic realities, and reducing related risks.