• Afrobarometer finds 37% banked adults, 60% use mobile money in Africa

• Account ownership varies widely by country, region, income, gender, age

• Mobile money expands inclusion amid weak banking infrastructure, poverty barriers

Only 37% of adults in Africa have a traditional bank account, while 60% have a mobile money account, according to a report published in late 2025 by pan-African polling and research network Afrobarometer.

The report, titled “Who owns a bank account in Africa? Predictors of financial access and implications for domestic capital mobilisation,” draws on surveys in 35 African countries. Samples ranged from 1,200 to 2,400 adults per country and were stratified by sex, age, region and place of residence.

The findings underscore the role of mobile money in widening access to financial services across the continent, while highlighting the continued exclusion of many Africans from formal banking. Ownership of bank and mobile money accounts remains highly uneven, with wide variation across countries.

Mauritius (99%) and Seychelles (97%) show near-universal bank account ownership among adults, while fewer than one in 10 adults have an account in Guinea (9%) and Madagascar (6%). Mobile money is widespread in Kenya (92%), Gabon (89%) and Ghana (88%), but fewer than one in five adults have a mobile money account 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. North Africa records the lowest level at 26%. Bank account ownership is highest in East Africa (45%) and Southern Africa (44%), followed by North Africa (38%) and West Africa (32%), while Central Africa ranks lowest at 25%.

Structural and technological barriers help explain these gaps, including limited banking infrastructure in rural areas, high transaction costs, weak digital connectivity and restricted access to the identity documents required to open an account.

Disparities driven by socio-economic status

Low financial literacy, irregular income linked to informal employment, and gender inequality also contribute to unequal access. In some contexts, particularly in North Africa, religious considerations add another barrier. In many Muslim-majority societies, Sharia law prohibits riba (usury), which can make conventional interest-based banking appear incompatible with religious and ethical norms.

The report also finds that access to banking and mobile money is strongly shaped by socio-economic status. Key predictors of account ownership include sex, employment, poverty, education, place of residence and age. Across the 35 countries surveyed, men (66%) and urban residents (68%) are, on average, more likely to have a mobile money account than women (57%) and rural residents (55%).

A similar gap exists for bank accounts. Some 42% of men report having one, compared with 32% of women. About 49% of urban residents report holding a bank account compared with 25% of rural residents. Banks tend to concentrate services in cities, leaving rural communities facing long distances, limited branch networks and high transport costs. For women, access is further constrained by labour market inequalities, income gaps and social norms.

Poverty is also closely linked to financial exclusion. While 69% of wealthy individuals have a bank account, only 24% of people living in extreme poverty do. Age is another dividing line. Young adults aged 18 to 35 are more likely to have a mobile money account (64%) than Africans over 55 (49%), but are less likely to hold a bank account (34%) than older adults.

Full-time employees are also far more likely to have a bank account (68%) than unemployed respondents (25% to 27%). Many workers need a bank account to receive wages, meet verification requirements or access credit. By contrast, people outside the labour market, especially those not seeking work, often remain disconnected from formal banking.

In this context, mobile money has emerged as a more inclusive alternative. Mobile money ownership exceeds 50% across all employment categories, including among people without jobs and those not seeking work (52%). It has helped fill gaps left by traditional banks by enabling deposits, withdrawals, transfers and savings via mobile phones, without requiring a stable income, formal employment or a nearby bank branch.

Walid Kéfi