Financial inclusion is the most important aspect of a country’s economic development plan as it increases the contribution to GDP, enables the government to do more for the well-being of its citizens, and fosters a favorable climate for businesses and business expansion. However, achieving financial inclusion is easier said than done. As per the latest Global Findex Database published by the World Bank, close to one-third of all adults worldwide, i.e., 1.7 billion people, remain unbanked. Women, poor households in rural areas, and those who are not part of the workforce constitute half of this unbanked population.
In Africa, 370 million people out of the total population of 590 million are unbanked and unserved. Digital financial services play a significant role in accelerating financial inclusion in the continent. One such financial service is mobile money, a catalyst driving financial inclusion in the Sub-Saharan region and attracting the African population. Mobile money is currently present in 95 countries and has 290 deployments worldwide. According to GSMA’s 2019 report, 50 million new accounts were registered in Sub-Saharan Africa. However, according to a recent estimate by the World Bank, COVID-19 could push up to 40 million people in Sub-Saharan Afri …