The rise of financial technology and widespread smartphone adoption are transforming the economic landscape in Africa’s most populous countries.
These nations are leading the shift from cash-based systems to digital transactions, fostering financial inclusion and accelerating economic development.
A report by GSMA, published by africa.businessinsider.com, says Sub-Saharan Africa accounted for 48% of the global mobile money accounts (835 million) in 2024. In Sub-Saharan Africa, East Africa accounted for 50 million accounts, West Africa – 66 million, Central Africa – 14 million and South Africa – 4 million.
This shows a healthy digital payment adoption across the continent. However, the World Bank notes that about 90% of retail transactions in sub-Saharan Africa are cash-based, while just 34% of adults have traditional bank accounts.
The bulk of the transactions in Africa occur in cash as most countries on the continent rely significantly on cash, which is frequently used also in informal economies.
This shows a lot still needs to be done to speed up the digital payment adoption across the continent.
Switching to cashless systems will improve economic efficiency as handling cash has proven to be expensive, time-consuming, and prone to errors. Transitioning to digital payments reduces transaction costs, speeds up processes, and enhances transparency.
The following table, according to Statista highlights the top 10 African countries with the highest percentage of their population engaging in digital payments as of 2024;
