Mobile money is driving unprecedented financial inclusion across sub-Saharan Africa and other developing economies, with Nigeria at the heart of this digital finance boom. The World Bank’s 2025 Global Findex report reveals that 40% of adults in developing countries saved money formally in 2024—a 16-point jump from 2021 levels—thanks to the rise of mobile wallets and fintech platforms. Sub-Saharan Africa, where mobile money reigns supreme, saw savings rates climb to 35%. In Nigeria alone, mobile money transactions surged to $46.5 million in 2024, a 53% leap from the previous year. While digital access is narrowing gender gaps and reducing cash dependency, security risks persist. Still, the momentum is strong, with smartphones and digital IDs paving the way for safer, broader inclusion.
Nairametrics
