The growing use of mobile money has driven a sharp rise in the number of people in sub-Saharan Africa who save money through formal channels.
According to the World Bank’s Global Findex Database report, the share of adults with formal savings stood at 35% in 2024, a 12 percentage point increase from 2021. Some 40% of sub-Saharan Africans had a mobile money account in 2024, up from 27% three years earlier.
“Once adults have these formal accounts and become comfortable using them, digital savings follow very strongly,” Michael Wiegand, director of inclusive financial systems at the Gates Foundation, which funded the research, told Semafor. The report’s authors said higher personal savings through formal institutions would support national financial systems, making more funds available for investment and innovation.
