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    • In Numbers

    Financial inclusion in Africa

    Financial inclusion across Africa is generally uneven, with access to basic banking services for the continent’s more than 1 billion people varying significantly from country to country.

    By Juan Carlos Concepcion // 08 April 2013
    Click here to view the image in large size.

    Financial inclusion across Africa is generally uneven, with access to basic financial services for the continent’s more than 1 billion people varying significantly from country to country. Despite Africa’s huge and potentially vibrant market, startup and expansion costs are greater than potential returns in a low-income continent—the main reason behind banks’ underinvestment.

    However, the gap is somehow being filled by mobile banking—a key component of USAID Forward, which aims to deliver technology- and innovation-driven development. In a report released in March 2013, the U.N. Capital Development Fund asserts that switching from cash-based transactions to electronic payments effectively breaks geographical barriers and ultimately increases cost savings and financial inclusion.

    Join the Devex community and access more in-depth analysis, breaking news and business advice – and a host of other services – on international development, humanitarian aid and global health.

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    Printing articles to share with others is a breach of our terms and conditions and copyright policy. Please use the sharing options on the left side of the article. Devex Pro members may share up to 10 articles per month using the Pro share tool ( ).

    About the author

    • Juan Carlos Concepcion

      Juan Carlos Concepcion

      Juan Carlos is a former analyst at the Devex Manila Office. A strong advocate of civic education, he also teaches undergraduate courses on Philippine politics and governance.

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