According to data from the World Bank’s Global Findex Database 2021, there has been notable progress in female financial inclusion over the last decade. The gender disparity in formal financial account ownership in developing nations has decreased from 9 to 6 percent, indicating a shift towards greater financial equality for women.

Account ownership among women has seen a faster growth rate compared to men, with 68 percent of adult women in developing countries now actively engaged in formal financial systems. This increase in women’s account ownership across many developing nations is primarily attributed to the widespread adoption of mobile money platforms.

While mobile banking serves as a cornerstone of financial inclusion, its growth in Africa has exacerbated the gender gap in financial access. This adverse effect of financial digitization underscores the need to reevaluate policies governing mobile banking.

In the decade leading up to 2021, the proportion of women in Africa with financial accounts doubled to over 49 percent. Just since 2017, female account ownership rates in the region surged by 12 percentage points, primarily fueled by the growing adoption of mobile money accounts.

Mobile money, a financial service provided by fintech firms in collaboration with mobile network operators, plays a pivotal role in this advancement. Local mobile agents further facilitate mobile money services, allowing individuals to conveniently deposit and withdraw cash, make payments, settle bills, and securely store money outside their homes.

In certain countries, such as Cameroon, women’s account ownership surged from 30 percent in 2017 to 49 percent in 2021, marking a notable 26 percentage point rise in mobile money accounts. Similarly, in Ghana, female account ownership climbed from 54 percent to over 63 percent, with a significant 21 percentage point increase in mobile money accounts.