Banking By Phone: The Countries Leading The Mobile Money Revolution

In recent years, mobile phones and the internet have completely revolutionized financial inclusion, expanding access to digital financial services to historically underserved parts of the world. While in developed, high income countries, a bank account is a prerequisite for mobile money services like Venmo and Paypal, many low-income countries are embracing mobile money services without the need for a brick-and-mortar bank account.

While worldwide, 75.3% of adults have a bank account and 16.0% of adults have a mobile money account, there are 25 countries where adults with mobile money accounts outnumber adults with traditional bank accounts. Many of the countries with the greatest mobile money service penetration are in sub-Saharan Africa, where telecommunications companies are offering simple transactional accounts via mobile phones that operate independently of traditional banks. First emerging in Eastern Africa, these mobile-first payment services have spread across the continent and have allowed record numbers of people to conduct financial transactions. A closer look at the data reveals the countries where more people have mobile money services than traditional brick-and-mortar banks.

To determine the countries leading the mobile money revolution, My Investing News reviewed data on financial inclusion from the 2024 World Bank Global Findex Database. Countries were ranked based on the percentage-point difference in the share of adults 15 years and older with a mobile money account and the share of adults 15 years and older with a traditional bank account. Bank accounts include accounts at regulated financial institutions such as banks, credit unions, or microfinance institutions, while mobile money services refer to accounts provided by mobile network operators that allow users to store and transfer funds using a mobile phone without requiring a traditional bank account.

• Adults with a mobile money account: 50.4% (+7.3% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 43.1%
• Adults with a mobile money account that would also like to open a bank account: 9.0%
• Adults that have used a mobile phone or the internet to pay bills: 35.7%
• Largest urban areas: Mbabane, Manzini, Matsapha, Nhlangano, Hlatikulu

• Adults with a mobile money account: 25.8% (+8.9% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 16.9%
• Adults with a mobile money account that would also like to open a bank account: 5.1%
• Adults that have used a mobile phone or the internet to pay bills: 5.5%
• Largest urban areas: Conakry, Guéckédou, Kindia, Nzérékoré, Kamsar, Banankoro, Kankan, Kissidougou, Labé, Mamou

• Adults with a mobile money account: 19.4% (+9.9% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 9.5%
• Adults with a mobile money account that would also like to open a bank account: 7.1%
• Adults that have used a mobile phone or the internet to pay bills: 3.1%
• Largest urban areas: Antananarivo, Soaindrana, Sambaina, Manjakandriana, Imerintsiatosika, Anosibe An'Ala, Ambatolampy Tsimahafotsy

• Adults with a mobile money account: 51.6% (+10.0% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 41.6%
• Adults with a mobile money account that would also like to open a bank account: 9.1%
• Adults that have used a mobile phone or the internet to pay bills: 21.8%
• Largest urban areas: Gaborone, Lobatse, Kanye, Mahalapye, Francistown, Selebi Phikwe, Palapye, Mmopane, Maun

• Adults with a mobile money account: 48.0% (+15.5% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 32.4%
• Adults with a mobile money account that would also like to open a bank account: 10.6%
• Adults that have used a mobile phone or the internet to pay bills: 23.5%
• Largest urban areas: Lomé, Kara, Sokodé, Bassar, Niamtougou, Kpalimé, Blitta-Gare, Atakpamé, Dapaong, Sansanné-Mango

• Adults with a mobile money account: 32.2% (+17.2% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 15.0%
• Adults with a mobile money account that would also like to open a bank account: 13.3%
• Adults that have used a mobile phone or the internet to pay bills: 6.2%
• Largest urban areas: Freetown, Koidu Town, Bo, Makeni, Kenema, Port Loko, Mile 91, Mahera, Daru, Kamakwie

• Adults with a mobile money account: 66.9% (+18.9% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 48.0%
• Adults with a mobile money account that would also like to open a bank account: 7.9%
• Adults that have used a mobile phone or the internet to pay bills: 40.4%
• Largest urban areas: Dakar, Touba, Thií¨s, Kaolack, Mbour, Saint-Louis, Diourbel, Tambacounda, Ziguinchor, Kolda

• Adults with a mobile money account: 53.5% (+19.9% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 33.5%
• Adults with a mobile money account that would also like to open a bank account: 10.5%
• Adults that have used a mobile phone or the internet to pay bills: 19.6%
• Largest urban areas: Maseru, Ha-Chonapase, Mafeteng, Maputsoe, Ha Long, Mohale'S Hoek, Pitseng London, Ha Fako

• Adults with a mobile money account: 45.7% (+20.6% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 25.1%
• Adults with a mobile money account that would also like to open a bank account: 17.7%
• Adults that have used a mobile phone or the internet to pay bills: 15.0%
• Largest urban areas: Maputo, Beira, Nampula, Massinga, Quelimane, Chimoio, Nacala, Errego (Ile), Maganja

• Adults with a mobile money account: 35.1% (+21.6% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 13.5%
• Adults with a mobile money account that would also like to open a bank account: 10.3%
• Adults that have used a mobile phone or the internet to pay bills: 3.9%
• Largest urban areas: Kinshasa, Mbuji-Mayi, Beni, Bukavu, Boma, Kikwit, Goma, Matadi, Mongbwalu, Bunia

• Adults with a mobile money account: 43.3% (+21.8% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 21.6%
• Adults with a mobile money account that would also like to open a bank account: 8.4%
• Adults that have used a mobile phone or the internet to pay bills: 10.1%
• Largest urban areas: Harare, Bulawayo, Chitungwiza, Vanguard Mine, Gweru, Glenclova, Mutare, Zaka, Tchoda, Checheche

• Adults with a mobile money account: 44.2% (+23.6% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 20.5%
• Adults with a mobile money account that would also like to open a bank account: 8.2%
• Adults that have used a mobile phone or the internet to pay bills: 14.0%
• Largest urban areas: Ouagadougou, Bobo-Dioulasso, Koudougou, Tenkodogo, Ouahigouya, Yako, Dori, Nouna, Tougan, Kaya

• Adults with a mobile money account: 44.9% (+25.0% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 19.9%
• Adults with a mobile money account that would also like to open a bank account: 11.0%
• Adults that have used a mobile phone or the internet to pay bills: 8.4%
• Largest urban areas: Cotonou, Porto-Novo, Bohicon, Djougou, Dassa-Zoumé, Materi, Parakou, Natitingou, Lokossa, Possotomí¨

• Adults with a mobile money account: 48.4% (+29.9% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 18.4%
• Adults with a mobile money account that would also like to open a bank account: 11.7%
• Adults that have used a mobile phone or the internet to pay bills: 9.9%
• Largest urban areas: Bamako, Ségou, Sikasso, Bandiagara, Koutiala, Gao, Mopti, Kati, San, Kayes

• Adults with a mobile money account: 52.9% (+30.9% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 21.9%
• Adults with a mobile money account that would also like to open a bank account: 15.8%
• Adults that have used a mobile phone or the internet to pay bills: 14.9%
• Largest urban areas: Dar Es Salaam, Arusha, Mwanza, Tanga, Zanzibar City, Dodoma, Kilima Hewa, Mbeya, Morogoro, Tabora

• Adults with a mobile money account: 47.5% (+33.6% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 13.9%
• Adults with a mobile money account that would also like to open a bank account: 21.3%
• Adults that have used a mobile phone or the internet to pay bills: 5.9%
• Largest urban areas: Monrovia, Gbarnga, Kakata, Buchanan, Foya City, Ganta, Voinjama, Harbel City, Pleebo, Kolahun

• Adults with a mobile money account: 55.1% (+34.1% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 21.0%
• Adults with a mobile money account that would also like to open a bank account: 13.8%
• Adults that have used a mobile phone or the internet to pay bills: 16.2%
• Largest urban areas: Yaounde, Douala, Maroua, Garoua, Mokolo, Bafoussam, Bamenda, Mbouda, Dschang, Yagoua

• Adults with a mobile money account: 47.4% (+35.0% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 12.4%
• Adults with a mobile money account that would also like to open a bank account: 18.1%
• Adults that have used a mobile phone or the internet to pay bills: 11.0%
• Largest urban areas: Lilongwe, Blantyre, Limbe, Mzuzu, Zomba, Likuni, Mangochi, Nkhotakota, Nchalo, Salima

• Adults with a mobile money account: 53.4% (+36.6% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 16.8%
• Adults with a mobile money account that would also like to open a bank account: 8.7%
• Adults that have used a mobile phone or the internet to pay bills: 25.6%
• Largest urban areas: Abidjan, Bouaké, Daloa, Yamoussoukro, San-Pédro, Korhogo, Abengourou, Man, Dabou, Gagnoa

• Adults with a mobile money account: 61.6% (+36.8% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 24.8%
• Adults with a mobile money account that would also like to open a bank account: 15.6%
• Adults that have used a mobile phone or the internet to pay bills: 38.2%
• Largest urban areas: Libreville, Port-Gentil, Point Denis, Lambarene, Oyem, Mbigou, Tchibanga, Mouila, Makokou, Koulamoutou

• Adults with a mobile money account: 51.6% (+36.9% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 14.7%
• Adults with a mobile money account that would also like to open a bank account: 17.8%
• Adults that have used a mobile phone or the internet to pay bills: 5.9%
• Largest urban areas: Brazzaville, Pointe-Noire, Mongo Kamba, Nkayi, Dolisie, Maluku, Mossendjo, Owando, Ollombo

• Adults with a mobile money account: 78.3% (+39.5% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 38.7%
• Adults with a mobile money account that would also like to open a bank account: 12.5%
• Adults that have used a mobile phone or the internet to pay bills: 14.5%
• Largest urban areas: Accra, Kumasi, Obuasi, Tamale, Somanya, Bawku, Takoradi [Sekondi-Takoradi], Bolgatanga, Sunyani, Suhum

• Adults with a mobile money account: 67.7% (+41.6% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 26.2%
• Adults with a mobile money account that would also like to open a bank account: 24.0%
• Adults that have used a mobile phone or the internet to pay bills: 26.3%
• Largest urban areas: Kampala, Jinja, Moyo, Erepi, Arua, Mbarara, Iganga, Masaka, Lira, Odonga

• Adults with a mobile money account: 87.5% (+42.1% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 45.4%
• Adults with a mobile money account that would also like to open a bank account: 22.1%
• Adults that have used a mobile phone or the internet to pay bills: 55.0%
• Largest urban areas: Nairobi, Mombasa, Kisumu, Thika, Nakuru, Eldoret, Ruaka, Kisii, Kitengela, Ruiru

• Adults with a mobile money account: 69.3% (+45.2% ppts. more than adults with a bank account)
• Adults with a bank account or similar financial institution: 24.1%
• Adults with a mobile money account that would also like to open a bank account: 13.8%
• Adults that have used a mobile phone or the internet to pay bills: 31.9%
• Largest urban areas: Lusaka, Kitwe, Ndola, Kasama, Kabwe, Chingola, Mufulira, Kapiri Mposhi, Monze