Botswana ranks as the most financially literate country in Africa with 52% coverage, while Somalia ranks the lowest with 15%. Nigeria, Kenya, and South Africa stand at 26%, 38%, and 42% respectively, according to GSMA’s presentation at the RegTech Africa Conference 2023.

GSMA emphasizes the importance of infrastructure, access, knowledge, confidence, and trust in achieving digital financial inclusion goals. Lack of knowledge and skills hinders users from registering for mobile money accounts.

In 2022, there were 1.6 billion registered mobile money accounts globally, with 62% of adults in Sub-Saharan Africa having mobile money accounts. GSMA highlights the growth and impact of mobile money services in fostering a more inclusive digital economy and increased financial access. To address financial literacy challenges, a multi-stakeholder approach is recommended, including the development of financial literacy programs, market assessments, training materials, collaborations, policy involvement, and monitoring and evaluation.