Account ownership, which involves having a bank or mobile wallet in your name, is a simple way to measure financial inclusion. Across Africa, the picture is uneven. 

Some countries sit at the bottom for people with bank accounts, while others have moved quickly into digital finance. In many places, traditional banks are not doing the heavy lifting; mobile money is.

Why traditional banking lags

In the lowest-ranked countries, the barriers are familiar. People live far from branches or reliable ATMs. Opening an account can require difficult-to-obtain IDs, proof of address that rural residents often lack, or minimum balances that do not align with informal cash incomes. When inflation bites and fees feel high, a bank account can look riskier than keeping cash at home.

Here are brief, easy-to-read notes on each country and why account ownership is so low there, plus what could change it. (Account ownership here means having a bank account or a mobile money wallet.)

Niger

Very low ID coverage, long distances between towns and bank branches, and widespread poverty make formal banking rare. Mobile money agents exist in bigger towns, but network gaps and low smartphone use slow growth. National ID rollouts and more agent networks would help.

South Sudan

Years of conflict and displacement have damaged basic services, including banking. Cash dominates, roads are poor, and trust in institutions is weak. Humanitarian cash transfers through mobile wallets are growing but start from a very small base.

Central African Republic

A vast, sparsely populated country with limited infrastructure and security challenges. Banks have few branches outside the capital, so people rely on cash and informal savings groups. Any progress will depend on stability and telecom coverage.

Chad

Large distances, low income levels, and patchy mobile networks work against formal accounts. Where mobile money agents operate, usage rises for airtime, small transfers, and bill payments. Tiered KYC rules and cheaper fees could speed adoption.

Guinea-Bissau

A small economy with few formal employers and limited banking presence outside urban areas. People lean on cash and community savings clubs. Government payments through digital channels could introduce more citizens to wallets.

Burundi

High rural population and modest incomes limit demand for bank products with monthly fees. Mobile money has made inroads for person-to-person transfers and airtime, but merchant acceptance is still thin. Agent expansion and merchant QR codes would help.

Democratic Republic of the Congo (DRC)

Huge geography, weak transport links, and a mostly informal economy keep cash on top. Still, in cities like Kinshasa and Goma, wallets are catching on for remittances and small business payments. Better ID systems and agent density are the next steps.

Mozambique

Cyclones, floods, and rural spread make it hard to keep branches and ATMs reliable. Mobile money is growing from a low base, helped by government-to-person (G2P) payments and utility bills moving to phones. Consistent electricity and network uptime matter.

Madagascar

Many people live far from towns and earn irregular incomes, so minimum-balance accounts are a poor fit. Mobile operators are pushing simple wallets for transfers and savings, which suit small, frequent transactions. Financial literacy drives can boost trust.

Sierra Leone

Urban areas see some banking, but most people outside Freetown use cash. Mobile money has supported salary payments for teachers and health workers and is expanding to market traders. Clear rules on fees and strong agent support will drive usage.