IMF says use of mobile phones in Sub-Saharan Africa could help advance financial inclusion

IMF Deputy Managing Director, Mit-suhiro Furu-sawa says technological innovation within the financial sector could be the most promising way to advance financial inclusion in Sub-Saharan Africa.

Data from the fund indicates that only a third of adults in the region have access to basic financial services. Bank branches are concentrated in urban areas, and costs and fees are mostly high. Furusawa says using just a mobile phone can help tackle the problem.