Africa’s Banked Population To Hit 400 Million By 2021

Africa’s Banked Population To Hit 400 Million By 2021

With the current population of Africa estimated to be over 1.3 billion, based on the latest United Nations estimates, the continent’s banking landscape has been experiencing a steady growth in the number of people becoming banked.

As of 2018, when Africa’s population reached 1.3 billion, there were over 300 million banked Africans, representing 24% of the continent’s total population, according to data from McKinsey&Company.

By 2022, it is estimated that there would be 436 million banked Africans, representing about one-third of the continent’s estimated population of 1.4 billion by 2022.

This Techloy chart tracks Africa’s banked population from 2012 to 2022, based on data from EFInA, Finscope, FSD Kenya, McKinsey Global Banking Pools, and the World Bank Findex.