The nationally representative survey of adults provided interesting insights into how many people are using mobile financial services and for what reason. While Kenya and Tanzania have been previously lauded as mobile money success stories, the survey demonstrates new technology can be effective in other African markets such as Rwanda and Ghana.
The findings show that mobile financial services are proving to be critical to connect people in rural areas or living on less than $2.50 per day with formal financial services. In Rwanda, for example, the survey found that 61% of active mobile money users were located in rural areas, while 72% live on less than $2.50 per day. In these cases, mobile money is proving to be some adults’ first inroad into financial inclusion.