Botswana tops financial literacy in Africa with 52% of its population covered while Somalia ranks last with only 15%. Nigeria, Kenya and South Africa follow with 26%, 38% and 42% respectively.
Botswana has been ranked the most financially literate country in Africa with 52 per cent of its population covered, while Somalia, with 15 per cent, ranks least in the region.Botswana has been ranked the most financially literate country in Africa with 52 per cent of its population covered, while Somalia, with 15 per cent, ranks least in the region.
On the state of mobile money in the region, the telecoms body noted that infrastructure and access are still crucial elements to meeting digital financial inclusion goals, stressing that initiatives must also go further to tackle the knowledge, confidence, and trust needed for individuals to use the technology and services at their disposal effectively.
Accordingly, it said in 2022, there were 319 mobile money deployments live in 102 countries, and 1.6 billion mobile money registered accounts globally. GSMA said 62 per cent of adults in Sub-Saharan Africa have mobile money accounts and that the number of registered mobile money accounts has grown from 1.4 billion to more than 1.6 billion in 2022.
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