In Summary
- Many African countries have large segments of their populations unbanked due to limited banking infrastructure, political instability, and low financial literacy.
- Mobile money platforms have expanded financial access, especially in rural areas, but adoption remains uneven due to connectivity issues, digital literacy gaps, and gender disparities.
- Comprehensive strategies involving policy reform, infrastructure development, financial literacy, and digital innovation are essential to bridge the financial inclusion gap and empower unbanked populations.
Deep Dive!!
Financial inclusion remains one of the most pressing challenges across the African continent. Despite rapid technological advancements, the proliferation of mobile money, and targeted government initiatives, millions of Africans remain outside the formal financial system. Countries such as Nigeria, the Democratic Republic of Congo, and Ethiopia exemplify this gap, where underdeveloped banking infrastructure, low digital literacy, and economic disparities leave large segments of the population reliant on informal and cash-based transactions. The consequences of this exclusion extend beyond individual livelihoods, limiting access to credit, savings, insurance, and broader economic opportunities.
The top ten African countries with the largest unbanked populations highlight a complex interplay of social, economic, and structural factors. In addition to infrastructure deficits, political instability, ongoing conflicts, and regulatory challenges contribute to financial exclusion in countries such as Mali, the Central African Republic, and Chad. Meanwhile, gender disparities persist across the continent, with women consistently less likely than men to have access to bank accounts or digital financial services. These challenges underscore the need for context-specific solutions that combine technology, policy reform, and financial literacy programs to reach underserved populations, particularly in rural regions.
Addressing the unbanked population in Africa is crucial for unlocking economic growth and social development. Mobile money platforms and digital banking services have made significant inroads, particularly in countries like Tanzania, Uganda, and Burkina Faso, demonstrating the transformative potential of technology in bridging financial gaps. However, adoption is uneven, and many rural communities remain underserved due to connectivity limitations and limited awareness. This article provides an in-depth analysis of the ten African countries with the largest unbanked populations in 2025, exploring the structural barriers, technological interventions, and policy measures shaping financial inclusion across the continent.
10. Central African Republic (CAR)
The Central African Republic (CAR) remains one of the most financially excluded nations in Africa, with over 68% of its population unbanked. This exclusion is primarily due to ongoing conflicts, underdeveloped infrastructure, and limited access to digital services. The Bank of Central African States (BEAC) has set an ambitious goal to achieve a 75% financial inclusion rate by 2030, aiming to establish one million cash payment points across the region within five years. However, achieving this target requires significant investment in digital infrastructure and policy reforms to connect the unbanked population to the financial ecosystem.
In 2025, mobile money services have become a crucial tool for enhancing financial inclusion in CAR. Providers like Orange Money have expanded their reach, offering services such as money transfers, bill payments, and airtime purchases. These platforms have been particularly impactful in urban areas, where mobile network coverage is more robust. However, challenges persist in rural regions, where limited internet access and low digital literacy rates hinder the widespread adoption of mobile financial services.
The CAR government has recognized the importance of financial inclusion and has initiated several reforms to address these challenges. In September 2025, the government launched a $12.8 billion investment program covering all sectors and regions of the country. This initiative includes investments in infrastructure, energy, and digital services, aiming to improve access to financial services and promote inclusive economic growth.
Despite these efforts, achieving meaningful financial inclusion remains a formidable challenge. The International Monetary Fund (IMF) projects a 3% GDP growth for CAR in 2025, driven by higher energy use, mining recovery, and infrastructure projects. However, persistent electricity shortages continue to weigh on business activity, particularly in the capital, Bangui. Continued investment in infrastructure, education, and policy reforms will be crucial in bridging the financial inclusion gap and ensuring that all CAR citizens have access to the financial services necessary for economic empowerment.
9. Chad
In 2025, Chad continues to face significant challenges in achieving widespread financial inclusion. Approximately 75% of the adult population remains unbanked, primarily due to limited access to banking infrastructure, especially in rural areas where over 80% of the population resides. Economic factors such as poverty and unemployment exacerbate this exclusion, as many individuals lack the resources to engage with formal financial institutions. The country’s vast geography and underdeveloped infrastructure further hinder efforts to provide banking services to underserved communities.
Mobile money services have emerged as a potential solution to enhance financial inclusion in Chad. As of 2025, the country has approximately 12,000 mobile money access points, providing unbanked populations with access to an array of financial services. The use of mobile money is increasing, with the number of registered mobile money agents outnumbering ATMs. However, challenges remain, including the need for improved digital literacy and the development of user-friendly platforms to cater to the diverse needs of the population. Access to mobile money is also geographically uneven, with urban areas having higher access than rural areas.
The Chadian government has recognized the importance of financial inclusion and has initiated several reforms to address these challenges. In 2025, the government unveiled a digital transformation roadmap comprising 12 flagship projects aimed at accelerating the country’s shift to a modern economy. Key priorities include nationwide connectivity, data sovereignty, digital identity, and cashless payments. The “zero cash” initiative aims to make all public payments cashless, while the “zero building unconnected” policy seeks to connect every public building to the internet. These reforms are designed to improve access to digital financial services and promote inclusive economic growth.
Despite these efforts, achieving meaningful financial inclusion remains a formidable challenge. The International Monetary Fund (IMF) has approved a $625 million, four-year loan program for Chad, with an immediate disbursement of $38.5 million. The program aims to support Chad’s fiscal stability, increase funding for social programs to combat poverty, and stimulate private sector growth through improved governance and business conditions. This initiative is aligned with Chad’s national development strategy, which targets $30 billion in public and private investment in infrastructure such as roads, electricity, and digital services. The plan is expected to boost annual economic growth to 8% and maintain debt levels at 32% of GDP through 2030.
8. Niger
In 2025, Niger continues to grapple with significant financial exclusion, with approximately 86% of its adult population lacking access to formal financial services. This high rate of unbanked individuals is primarily attributed to the country’s underdeveloped banking infrastructure and low literacy rates, particularly in rural areas where over 80% of the population resides. Economic factors such as poverty and unemployment further exacerbate this exclusion, as many individuals lack the resources to engage with formal financial institutions. The absence of a robust financial infrastructure in these regions leaves a substantial portion of the population without access to essential financial services.
Mobile money services have emerged as a promising solution to enhance financial inclusion in Niger. The World Bank’s “Smart Villages for Rural Growth and Digital Inclusion” project has been instrumental in expanding mobile money access in underserved areas. As of August 2025, the project had enabled over 240,000 individuals, including 120,000 women, to make and receive mobile financial payments for the first time. This initiative has been particularly impactful in rural regions, where traditional banking services are scarce. The expansion of mobile money services has provided a more accessible means for financial participation, overcoming geographical and economic barriers.
Despite the progress made, challenges remain in fully integrating mobile money services into the daily lives of Nigeriens. A study by Sofrecom highlighted several obstacles to mobile money adoption in rural areas, including limited digital literacy, inadequate infrastructure, and a lack of trust in digital financial services. These barriers hinder the widespread adoption of mobile money platforms, particularly among women and agricultural communities who could benefit the most from such services.
To address these challenges, the Nigerien government, in collaboration with international partners, has initiated several reforms aimed at enhancing financial inclusion. The “Smart Villages” project is a key component of these efforts, focusing on improving rural connectivity, digital infrastructure, and financial literacy. By providing training and resources, the project aims to empower individuals in underserved areas to engage with digital financial services effectively. Continued investment in infrastructure, education, and policy reforms will be crucial in bridging the financial inclusion gap and ensuring that all Nigeriens have access to the financial services necessary for economic empowerment.
7. Mali
Mali continues to face significant barriers to financial inclusion, with a substantial portion of its population remaining unbanked in 2025. The combination of political instability, underdeveloped infrastructure, and limited access to banking services has hindered efforts to integrate a large segment of the population into the formal financial system. Approximately 70% of Mali’s adult population remains excluded from formal financial services, a situation exacerbated by ongoing conflicts and governance challenges. The country has experienced two military coups since 2020, leading to a suspension of political activities and a delay in promised democratic elections.
The political instability has had a profound impact on the financial sector. In 2024, the National Union of Banks, Insurance Companies, Financial Institutions, and Businesses of Mali (SYNABEF) extended a strike due to the detention of its secretary-general, highlighting the strained relations between financial institutions and the government. Furthermore, the junta’s crackdown on media freedom and political activities has created an environment of uncertainty, deterring both domestic and foreign investment in the financial sector.
Infrastructure deficiencies further compound the challenges to financial inclusion. Access to electricity remains limited, with only 53% of the population having electricity access, and rural areas experiencing even lower rates. These limitations hinder the development and adoption of digital financial services, which could otherwise provide alternative means for financial access. Additionally, the country’s transportation infrastructure is underdeveloped, particularly in rural areas, making it difficult to establish and maintain banking facilities.
Despite these challenges, there have been efforts to promote financial inclusion. The government launched a National Financial Inclusion Strategy (NFIS) in 2022, aiming to improve access to financial products and services, especially for vulnerable groups such as rural populations, women, youth, and micro, small, and medium-sized enterprises (MSMEs). However, the implementation of this strategy has been hindered by the prevailing political and security situation. To achieve meaningful progress, Mali must address the underlying issues of political instability, infrastructure development, and governance to create an environment conducive to financial inclusion.
6. Burkina Faso
In 2025, Burkina Faso continues to face significant challenges in achieving widespread financial inclusion. Approximately 75% of the adult population remains unbanked, primarily due to limited access to banking infrastructure, particularly in rural areas where over 80% of the population resides. Economic factors such as poverty and unemployment further exacerbate this exclusion, as many individuals lack the resources to engage with formal financial institutions. The concentration of bank branches in urban centers leaves a substantial portion of the population without access to essential financial services.
Mobile money services have emerged as a crucial tool in enhancing financial inclusion in Burkina Faso. Platforms like Orange Money and Moov Money have expanded their reach, offering services such as money transfers, bill payments, and airtime purchases. These platforms have become particularly vital in rural areas where traditional banking services are scarce. However, challenges remain, including the need for improved digital literacy and the development of user-friendly platforms to cater to the diverse needs of the population.
The government of Burkina Faso has recognized the importance of financial inclusion and has initiated several reforms to address these challenges. In August 2025, the government unveiled a digital transformation roadmap comprising 12 flagship projects aimed at accelerating the country’s shift to a modern economy. Key priorities include nationwide connectivity, data sovereignty, digital identity, and cashless payments. The “zero cash” initiative aims to make all public payments cashless, while the “zero building unconnected” policy seeks to connect every public building to the internet. These reforms are designed to improve access to digital financial services and promote inclusive economic growth.
In conclusion, while Burkina Faso has made strides in promoting financial inclusion, significant challenges persist. Addressing the barriers to financial access, particularly in rural areas, and promoting digital literacy are essential steps toward ensuring that all Burkinabe citizens can participate in the formal financial system. Continued efforts and collaboration between the government, financial institutions, and development partners will be crucial in achieving inclusive economic growth and reducing the unbanked population.
5. Uganda
In 2025, Uganda continues to face significant challenges in achieving widespread financial inclusion. Despite notable progress, approximately 24% of the adult population remains unbanked, particularly in rural areas where access to banking infrastructure is limited. Economic factors, including poverty and unemployment, contribute to this financial exclusion, as many individuals lack the resources to engage with formal financial institutions. The Bank of Uganda has urged financial institutions to develop innovative and accessible products to serve this underserved population.
Mobile money services have played a crucial role in enhancing financial inclusion in Uganda. As of early 2025, the country had over 65.6 million mobile money accounts, reflecting a significant increase from previous years. This growth is attributed to the widespread adoption of mobile phones and the expansion of mobile network coverage. However, challenges remain, including the need for improved digital literacy and the development of user-friendly platforms to cater to the diverse needs of the population.
The government has implemented several initiatives to promote financial inclusion. The National Financial Inclusion Framework (NFIF) 2023–2028 aims to increase formal financial access and usage among the population. Additionally, the World Bank Group has endorsed a new Country Partnership Framework to support Tanzania in consolidating its status as a middle-income country and achieving high levels of human development.
In conclusion, while Uganda has made significant strides in improving financial inclusion, challenges persist. Addressing the barriers to financial access, particularly in rural areas, and promoting digital literacy are essential steps toward ensuring that all Ugandans can participate in the formal financial system. Continued efforts and collaboration between the government, financial institutions, and development partners will be crucial in achieving inclusive economic growth.
4. Tanzania
Tanzania continues to face significant challenges in achieving widespread financial inclusion. Despite notable progress, approximately 24% of the adult population remains unbanked. This exclusion is particularly pronounced in rural areas, where access to banking infrastructure is limited. Economic factors, including poverty and unemployment, contribute to this financial exclusion, as many individuals lack the resources to engage with formal financial institutions. The Bank of Tanzania has urged financial institutions to develop innovative and accessible products to serve this underserved population.
Mobile money services have played a crucial role in enhancing financial inclusion in Tanzania. As of early 2025, the country had over 65.6 million mobile money accounts, reflecting a significant increase from previous years. This growth is attributed to the widespread adoption of mobile phones and the expansion of mobile network coverage. However, challenges remain, including the need for improved digital literacy and the development of user-friendly platforms to cater to the diverse needs of the population.
The Tanzanian government has implemented several initiatives to promote financial inclusion. The National Financial Inclusion Framework (NFIF) 2023–2028 aims to increase formal financial access and usage among the population. Additionally, the World Bank Group has endorsed a new Country Partnership Framework to support Tanzania in consolidating its status as a middle-income country and achieving high levels of human development.
In conclusion, while Tanzania has made significant strides in improving financial inclusion, challenges persist. Addressing the barriers to financial access, particularly in rural areas, and promoting digital literacy are essential steps toward ensuring that all Tanzanians can participate in the formal financial system. Continued efforts and collaboration between the government, financial institutions, and development partners will be crucial in achieving inclusive economic growth.
3. Ethiopia
Ethiopia, with a population exceeding 134 million, continues to face significant challenges in achieving widespread financial inclusion. As of early 2025, approximately 75% of the adult population remains unbanked, highlighting a substantial gap in access to formal financial services. This exclusion is particularly pronounced in rural areas, where over 80% of the population resides, and where access to banking infrastructure is limited. The concentration of bank branches in urban centers exacerbates this disparity, leaving a large portion of the population without access to essential financial services.
The digital divide further compounds Ethiopia’s financial inclusion challenges. Despite recent advancements, only 21.3% of the population had internet access at the beginning of 2025, with 79% remaining unconnected. This limited connectivity hampers the adoption of digital financial services, such as mobile banking and online payment platforms, which could otherwise serve as alternative channels for financial inclusion. The government’s efforts to expand internet infrastructure and improve digital literacy are ongoing but face significant hurdles due to the country’s vast rural expanse and infrastructure deficits.
In response to these challenges, Ethiopia has embarked on a series of banking sector reforms aimed at enhancing financial inclusion. In December 2024, the Ethiopian parliament passed legislation allowing foreign banks to establish subsidiaries and acquire shares in local banks, marking a significant shift in the country’s financial landscape. This move is part of a broader economic liberalization strategy to attract foreign investment and introduce competition into the banking sector, which has historically been dominated by state-owned institutions.
Despite these reforms, achieving meaningful financial inclusion remains a formidable challenge. The National Bank of Ethiopia’s recent directive emphasizes the need for local banks to adapt to increased competition and modernize their services. However, the success of these initiatives will depend on addressing underlying issues such as limited digital literacy, inadequate infrastructure, and the need for tailored financial products that meet the unique needs of Ethiopia’s diverse population. Continued efforts and strategic investments will be crucial in bridging the financial inclusion gap and ensuring that all Ethiopians have access to the financial services necessary for economic empowerment.
2. Democratic Republic of Congo (DRC)
The Democratic Republic of Congo (DRC), despite its vast natural resources, remains one of the most financially excluded countries in Africa. Approximately 85% of the adult population lacks access to formal banking services, a situation exacerbated by the country’s expansive geography and underdeveloped infrastructure. In rural areas, where about 19 million people reside, access to financial institutions is particularly limited, leading to a reliance on informal financial systems and cash-based transactions.
The DRC’s banking infrastructure is concentrated in urban centers, leaving vast swaths of the population without access to financial services. Efforts to expand banking reach have been hindered by challenges such as political instability, inadequate infrastructure, and a lack of financial literacy. While initiatives like the ACTIVE Project aim to improve financial inclusion by increasing access to formal financial services, significant barriers remain.
Mobile money services have seen some growth in the DRC, with over 29 million active mobile money subscriptions as of 2025. However, this represents only about 30% of the population, indicating that a large portion still lacks access to digital financial services. The adoption of mobile banking is further impeded by factors such as low internet penetration and limited digital literacy.
To address these challenges, the DRC has initiated several reforms aimed at enhancing financial inclusion. The government has developed a roadmap for financial inclusion and is working with international partners to strengthen financial institutions and expand access to services. Despite these efforts, achieving widespread financial inclusion remains a significant challenge that requires sustained investment in infrastructure, education, and policy reforms.
1. Nigeria
As of 2025, Nigeria continues to grapple with a significant financial inclusion challenge, with approximately 36.8% of its adult population, equating to over 80 million individuals, remaining unbanked. Despite the rapid expansion of mobile money platforms and digital financial services, a substantial portion of the population remains outside the formal financial system. This persistent exclusion is particularly pronounced in rural areas, where access to banking infrastructure is limited, and a significant portion of the population relies on informal financial systems.
Gender disparities further exacerbate the financial inclusion gap in Nigeria. While 59% of Nigerian men have access to formal financial services, only 45% of women do. This 14% gender gap underscores the need for targeted interventions to promote women’s financial inclusion. Efforts to address these disparities include initiatives aimed at increasing women’s access to digital financial services and promoting financial literacy among women, particularly in underserved regions.
The Nigerian government has recognized the importance of financial inclusion in achieving sustainable economic growth and has implemented various policies to address the issue. The establishment of the National Credit Guarantee Company in 2025 aims to expand credit access to underserved groups, including women and youth, by providing loans to businesses and individuals. Additionally, the Nigerian Consumer Credit Corporation has been launched to enhance credit access for employed Nigerians, starting with Federal civil service employees and now extending to the general public.
In conclusion, while Nigeria has made strides in promoting financial inclusion, significant challenges remain. Addressing the high unbanked population requires a multifaceted approach that includes expanding banking infrastructure, promoting digital financial services, and implementing policies that address gender disparities and regional inequalities. Continued efforts and investments are essential to ensure that all Nigerians have access to the financial services necessary for economic empowerment and development.
