The World Bank estimates that 66% of people living in Sub-Saharan Africa do not have bank accounts. Instead, they rely on cash and other methods (such as prepaid vouchers) to buy services ranging from airtime, electricity, and insurance, to goods at informal markets.
13 Jun 2019
Africa is still home to a large unbanked population. Eighty percent of adults in sub-Saharan Africa don't use any formal or informal banking facilities, and only 5% of adults have a credit card. It's not just customers who are excluded: even in the relatively advanced South African market where 75% of adults have a bank card, only 6% of sellers or merchants accept card payments.
By Vaughan Alexander 12 Jun 2019