350m African adults lack bank accounts

Over 350 million adults in Africa do not hold bank accounts and are therefore excluded from the formal economy, according to a team of experts.

The experts, under the auspices of AfricaNenda, an African-led institution that is working to unlock the potential of inclusive digital financial services on the continent, the unbanked population is relying heavily on cash or informal providers for their financial needs, which is costly, risky and leaves them vulnerable to economic instability.

In its inaugural annual report, AfricaNenda highlights its work and achievements to accelerate implementation of more inclusive payment systems across Africa.

The CEO of AfricaNenda, Dr Robert Ochola said, “Today, the need for a more inclusive society is becoming increasingly urgent. One of the fastest ways to achieve this is by putting in place systems that expand access to financial services and leave no one behind.”

– Jeff Mburu