This paper uses data from the Global Financial Inclusion (Global Findex) database to document the state of financial inclusion in Africa. The data show that less than a quarter of adults in Africa have an account at a formal financial institution and many adults in Africa use informal methods to save and borrow. The data also show deep disparities across sub-regions and individual characteristics in how adults use financial services. The database can be used to track financial inclusion policies within the region and to develop a deeper and more nuanced understanding of how Africans save, borrow, make payments and manage risk.
Klapper et al. (Wed,) studied this question.