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Mobile Money Accounts Dominate Borrowing as Savings Rise Across Africa

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Mobile Money Accounts Dominate

Mobile money accounts dominate formal borrowing in Sub-Saharan Africa and have increased savings access, reshaping the region’s financial inclusion efforts

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Mobile money accounts dominate formal borrowing in Sub-Saharan Africa, with new World Bank data revealing their transformative role in expanding financial access, especially among rural and low-income populations.

Also read: MTN Group Announces Mobile Money Partnership With Flutterwave

According to the World Bank’s Global Findex Database 2025 report released on July 16, 2025, 23% of adults in the region saved money through mobile accounts in 2024.

This far outpaces the 9% savings average across other low- and middle-income countries and reflects a broader digital shift in financial behaviour across the continent.

The report notes that countries like Ghana, Kenya, Senegal, Uganda, and Zambia have become leaders in mobile financial inclusion, with around half of adults in each of these countries using mobile money platforms to save.

Mobile money account ownership in Sub-Saharan Africa rose from 27% in 2021 to 40% in 2024, indicating steady growth in financial participation.

The trend has also benefited telecom giants such as MTN Group, Orange, Vodacom, Airtel Africa, and Safaricom, whose mobile finance services have penetrated previously underbanked regions.

This shift has had measurable impact. Formal savings in Sub-Saharan Africa rose by 12 percentage points between 2021 and 2024, reaching 35%—the second-highest global rate after East Asia and the Pacific.

Overall, about 60% of adults now engage in saving activities, whether formally or informally.

However, while saving is on the rise, formal borrowing remains relatively low in the region. Just 12% of adults borrowed formally in 2024, half the global average for comparable economies.

Yet within this group, mobile money accounts dominate: 7% borrowed from mobile money providers, who collectively account for nearly 60% of all formal borrowing.

Mobile money’s rise is reshaping Africa’s financial landscape—expanding inclusion, unlocking savings, and creating new ways to borrow.

Kenya stands out as the most advanced in digital borrowing. There, 32% of adults took loans from mobile money services in 2024—making up 86% of the country’s formal borrowers.

Notably, a quarter of Kenyan borrowers relied exclusively on mobile platforms for credit access.

Still, digital payment adoption is uneven. While 80% of mobile money users made digital payments, only 20% paid merchants directly.

This points to a significant opportunity for growth in business-to-customer mobile payment integration.

The World Bank’s dataset, compiled from over 145,000 adults across 141 countries, highlights how digital connectivity and innovation are bridging financial gaps.

It attributes the rise in financial access to the expansion of mobile networks, widespread smartphone use, and user-friendly mobile finance applications.

“Mobile money’s rise is reshaping Africa’s financial landscape—expanding inclusion, unlocking savings, and creating new ways to borrow,” the report states, emphasising the role of digital tools in tackling long-standing economic exclusion.

Development economists view this as a foundation for improved productivity and resilience in the region.

By saving formally, individuals can better withstand economic shocks, invest in small enterprises, and support education and healthcare needs.

Yet challenges remain. Digital literacy, data costs, and regulatory concerns continue to limit adoption in some areas.

Experts argue that targeted public policies and further investment in digital infrastructure are needed to sustain and expand these gains.

Also read: A Merry & Mobile Season with the New Ecobank Mobile App

Despite these hurdles, the growth of mobile money in Africa signals a quiet revolution. Where brick-and-mortar banks have fallen short, mobile finance has stepped in to democratise access—one digital transaction at a time.

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Governor Dauda Lawal Join VP Shettima’s Delegation to Benin Republic, Seeks Industrial Model to Boost Zamfara’s Agric Zones

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Zamfara State Governor Dauda Lawal has described the Glo-Djigbé Industrial Zone (GDIZ) as a practical blueprint for transforming Zamfara state’s agricultural sector, as he joined Vice President of Nigeria, Senator Kashim Shettima and five other governors on a working visit to the Benin Republic industrial hub on Friday.

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The delegation toured the 1,640-hectare public-private industrial platform, inspecting integrated textile and agro-processing facilities where locally produced cotton is converted into yarn, fabric and finished garments while cashew and soybean are processed for domestic and export markets. GDIZ, developed by the Beninese government and ARISE Integrated Industrial Platforms, has created more than 25,000 jobs since production began in 2021.

For Governor Lawal, who presides over an agrarian state with vast arable land and a strong comparative advantage in crop production, the visit presented an opportunity to draw direct lessons for Zamfara’s agricultural transformation agenda.

“Zamfara holds a strong comparative advantage in agriculture. We grow all crops in the state, we are not limited to soybeans. We have the land and it is fertile,” Governor Lawal had told global investors at the Africa Investment Forum in Morocco last November, where he signed a strategic Memorandum of Understanding with the Ministry of Finance Incorporated (MOFI) to drive large-scale agricultural transformation under the INTEGRANIUM Initiative.

The GDIZ visit is aimed at strengthening the implementation of Nigeria’s Special Agro-Industrial Processing Zones Programme, drawing practical lessons from Benin’s approach to agricultural value addition, industrial infrastructure, investment mobilisation and export-oriented production. Particular attention was given to the textile park’s integrated production system covering cotton spinning, weaving, fabric processing and garment manufacturing. Governor Lawal believes that Zamfara State can benefit from the $370 billion worth of global cotton valuation by ensuring Zamfara grows more cotton and can also lead the charge by reviving moribund textile manufacturing hubs and value chain which could generate millions of jobs, expand non-oil exports and stimulate economic activities.

Governor Lawal’s participation in the delegation aligns with Zamfara’s recently launched 10-year Development Plan (2025–2034), which envisions the state becoming “a benchmark for transformative economic growth, not merely for Nigeria, but the continent of Africa”. The plan prioritises maximising Zamfara’s agricultural and natural resource strengths through partnerships, mechanised farming, agro-processing and value chains to create jobs, improve food security and reduce poverty-driven insecurity.

Governor Lawal was also in company of other state Governors like; Hope Uzodimma (Imo), Caleb Mutfwang (Plateau), AbdulRahman AbdulRazaq (Kwara), Dikko Radda (Katsina), and Umar Namadi (Jigawa). The visit is expected to inform the development of garment-training facilities and dedicated processing infrastructure near agricultural production communities across Nigeria.

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FG Halts Controversial WAEC, NECO Fee Hike Review

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WAEC NECO fee hike review has been suspended by FG after public concerns, with consultations planned before any final decision on exam costs (more…)

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Governor Dauda Lawal Commissions ZAM Lithium Processing Plant, Targets 2,000 Jobs, Local Value Addition

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In a bold move to industrialise Zamfara State and unlock its vast mineral wealth, Governor Dr Dauda Lawal has officially commissioned a multi-billion-naira lithium mining and processing plant located in Boko village, within the Moriki Emirate of Kaura Namonda Local Government Area. The state-of-the-art facility, which represents an investment of over 200 million US dollars, marks a historic turning point in the state’s quest to move beyond raw mineral exportation and embrace full-scale local processing, value addition and industrial development.

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The commissioning ceremony drew a large gathering of traditional rulers, government officials, investors, community leaders and mining industry stakeholders who came to witness what the governor described as the dawn of a new era for Zamfara’s solid minerals sector.

The lithium processing plant is a flagship initiative under Governor Lawal’s broader economic diversification agenda, designed to ensure that Zamfara’s abundant natural resources are not only extracted but also processed and utilised in a manner that generates substantial revenue for the state, creates employment opportunities and stimulates homegrown industrial growth. By establishing local processing capacity, the plant will significantly reduce the export of raw lithium and other minerals, thereby retaining more value within the state and the nation at large. This strategic shift is expected to improve local utilisation of lithium and its entire value chain, positioning Zamfara as a key player in the global renewable energy and technology-driven economy, where lithium is increasingly in high demand for electric vehicle batteries, modern electronics and industrial applications.

The ZAM Processing Plant is a joint venture involving Zam Mining Coal Limited in collaboration with the Zamfara State Government, Bima Mines and Jinlide Mining Co. Ltd. This partnership has further demonstrated Governor Lawal’s unwavering commitment to restoring investor confidence and signalling that Zamfara State is fully open for business and ready to collaborate with credible investors in developing critical aspects of its economic infrastructure.

The plant will explore, mine, process and utilise the state’s rich mineral endowments, which include not only lithium but also gold, copper, and iron ore, thereby creating a comprehensive mining value chain that spans extraction, processing and industrial application. The facility is equipped with the best advanced technological processing machines available globally, enabling it to scale up production to an impressive 6,000 tons of raw materials daily and over 2,000,000 tons annually. This massive output is expected to significantly boost Nigeria’s total mineral production and strengthen the country’s competitive position in the global mineral market.

Beyond its production capacity, the processing plant is designed to enhance mineral recovery rates, maximise value addition and promote technology transfer to local engineers, technicians and entrepreneurs. The facility is expected to stimulate the growth of industries, including machinery manufacturing, transportation, logistics and maintenance services, thereby creating a ripple effect that will benefit the broader economy.

In terms of employment, the project is set to generate approximately 2,000 direct and indirect jobs, with priority given to qualified workers and residents from the host communities in Zamfara State. The company has also committed to providing comprehensive vocational and technological training programmes to build local skills and expertise, enabling residents to build sustainable careers in the mining industry and contribute to long-term community development.

As part of its corporate social responsibility, the company will undertake a series of community development projects designed to improve the quality of life for host communities. These initiatives include the renovation, construction and upgrade of primary and secondary health centres to ensure access to quality healthcare; the drilling of boreholes to provide portable drinking water and the installation of solar-powered electricity systems to address energy needs in rural areas. The company has also pledged to uphold the highest standards of environmental protection, ensuring operational transparency, responsible mining practices and the mitigation of any adverse ecological impacts. These commitments reflect a deliberate effort to ensure that host communities are genuine partners in progress and direct beneficiaries of the resources found in their environment.

In his remarks at the commissioning ceremony, Governor Lawal delivered an impassioned address in which he described the event as a symbol of a new beginning and a testament to the potential of responsible investment in the solid minerals sector. He emphasised that Zamfara is a haven of vast mineral deposits and that the state government has a moral and economic obligation to harness these God-given resources in a manner that improves the lives of its people.

He recalled that since the commencement of his administration, his government had made a firm commitment to change the narrative of the solid minerals sector, transitioning from informal, unregulated mining to a structured, organised and law-abiding industry that operates within the framework of national and international best practices. He reiterated that his government will continue to provide an enabling environment for investors to operate responsibly, with continued support for reforms aimed at promoting lawful activities, attracting credible investors and strengthening partnerships with the Federal Government to contribute meaningfully to the economic growth and development of the state.

The Governor further noted that the global economy is changing rapidly, driven by the future of renewable energy, electric vehicles, modern technology and industrial transformation and that Zamfara must position itself to become an active participant in this global shift. With its vast deposits of raw materials and minerals, the state must not only extract but also explore the entire value chain, from mining to processing and manufacturing. He stressed that the establishment of the ZAM Processing Plant is entirely consistent with this vision of moving towards local processing, value addition, skill development and industrial growth. He also commended the company for its meaningful corporate social responsibility commitments, which ensure that host communities remain partners in progress and beneficiaries of the development of resources found in their environment.

Governor Lawal concluded by expressing his profound gratitude to the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, for his renewed commitment to positioning the solid mineral sector as a driver of national economic growth, investment, industrialisation and economic transformation, which aligns strongly with Zamfara’s vision to better opportunities and expand its revenue base. The commissioning was widely hailed by community leaders, Emirat and stakeholders as a monumental achievement that will transform the economic landscape of Zamfara State for generations to come.

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