Mobile money services have expanded financial inclusion across Africa, but women still lag behind men in accessing these services. According to the World Bank, adults in sub-Saharan Africa are more than twice as likely to hold a bank account as they were in 2011.
The AfricaNenda Foundation reports that 61% of men had a bank account in sub-Saharan Africa in 2025, compared to 49% of women. This gap has grown from 7% in 2011 to 12% last year.
The gender gap is most pronounced in North and West Africa, and lowest in Eastern and Southern Africa. In Togo and Nigeria, the gap between men and women with access to financial services was 25% and 22% last year, respectively.
In many African cultures, men have traditionally controlled household finances, land, and major assets, making it harder for women to access financial services. In six countries, women must still obtain their husband’s permission to open a bank account.
Traditional banks have historically preferred salaried customers with predictable incomes, established credit histories, and collateral. Many African women lack these, creating a vicious circle that makes it harder for them to access financial services.
Branch opening hours, documentation requirements, and loan approval processes have tended to favor salaried workers, who are more commonly male. Identity regulations, such as the requirement for a Bank Verification Number or National Identification Number in Nigeria, also exclude women who may face mobility restrictions or lower literacy rates.
Systemic bias is another challenge, with women facing higher rejection rates or less favorable terms when applying for credit. Research by Fair4allfinance shows that legacy credit scoring methodologies often fail to recognize the cash flows of informal traders, who are predominantly female.
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Some banks are tackling the problem head-on, investing in dedicated relationship managers, tailored SME products, and financial education programs specifically designed for women. Ecobank’s Ellevate program, for example, has supported over 103,000 women in 32 countries.
Access Bank’s ‘W’ initiative has evolved into one of the continent’s largest dedicated women’s banking platforms, directly helping over 4 million women since its launch in 2014.
Some fintechs, such as Kenya’s FarmDrive, are bypassing traditional collateral requirements by giving smallholder farmers credit scores they can use to secure loans from banks.
Research by the Bill & Melinda Gates Foundation suggests that women save more consistently, are often more reliable borrowers, and place more emphasis on long-term financial security than speculative investment. This makes it even more important for women to have equal access to mobile technology, which is the main method of using the internet in Africa.
Women in Africa are 10% less likely to own or use a mobile phone than men, the biggest gender gap in the world. Broadening mobile access is likely to be the best method of further driving up financial services penetration rates.
It is essential to address the systemic barriers that prevent women from accessing financial services. By doing so, Africa can unlock the full potential of its economy and promote greater financial inclusion for all.
Africa’s creative economy, for instance, is heavily influenced by the availability of financial services, as seen in South Africa.
