How mobile money is empowering African women

The rise of mobile financial services, courtesy of fintech companies and mobile network operators, has changed the financial ecosystems of African countries by allowing mobile users to send and receive money without the need of having a bank account.

According to a report by the World Bank, in eastern and southern Africa only 37% of women have a bank account, compared with 48% of men.

As a result, mobile money has become the preferred financial service option for women who don’t have the prerequisites to open a bank account.

The flexibility of mobile money, and the fact that it works not only through smartphones but also feature phones, has seen a rise in the number of African women who have a mobile money account or mobile wallet.

According to the World Bank’s Global Findex 2025 database, mobile money account ownership among women in low- and middle-income countries has nearly doubled in just over a decade from 37% in 2011 to 73% in 2024.

Significance of mobile money for women in Africa

Since parts of Africa remain patriarchal, women have historically lagged behind when it comes to financial literacy and financial inclusion, but mobile money has helped to change this.

Though much of Africa is made up of semi-urban areas which have a lack of infrastructure such as Internet connectivity and banks, feature phones have become a fundamental tool in bridging the financial gender divide and ensuring the full economic participation of women in the continent’s financial framework.

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Speaking to Connecting Africa, Marissa Brendel, a business growth specialist, consultant and founder of the Business Women Network of Cape Town, said mobile money has opened doors for women who previously had no access to banks due to location, cost or even lack of formal identification.

“In places like Kenya and Ghana, it’s been transformational, and while South Africa has a more developed banking sector, mobile-based platforms like TymeBank, MTN MoMo, and Standard Bank’s Instant Money are starting to reach women who have been excluded before,” said Brendel.

Jenniffer Wairimu Waruingi, a communication strategist, pan-Africanist and president of the Kenya Youth Organization, said that mobile money has significantly empowered African women enabling them to become business owners.

“Mobile money has radically shifted the financial landscape for women in Africa. It has become more than just a tool it has become the first bank for women who have long been excluded from formal systems, from the streets to the market and shops in both rural and urban places,” Waruingi told Connecting Africa.

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Waruingi said mobile money has narrowed the gender divide in ways that traditional financial systems never managed.

“By eliminating the need for collateral, complex paperwork, or even physical access to banks, mobile money has given women not just financial access, but financial freedom,” she added.

“In Ghana, MTN MoMo has made it possible for market women to run businesses with security and efficiency, while in Tanzania, services like Tigo Pesa and Airtel Money have put financial power directly into the hands of women farmers and traders,” Waruingi explained.

Experts believe that mobile money has enabled women to become business owners, given them more control over their finances and a stronger voice at home and in their communities. (Source: Image by krakenimages.com on Freepik)

Lady Chinyere Chukwudi Zimako, founder of Chybee Entrepreneurship Foundation for Women and Girls, told Connecting Africa that mobile money has led to the financial emancipation of African women particularly those who reside in the peripheral areas such as communal lands.  

“For women in rural areas, mobile money is a game changer. They no longer travel long distances to banks, they can get paid instantly, run small businesses, and keep their money safe. It also gives them more control over their finances and a stronger voice at home and in their communities,” said Zimako.

She said this has also helped narrow the gap between men and women when it comes to money and opportunities.

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Evolving ecosystem

Research by Professor Terence Jackson and Professor Ellis Osabutey puts forward that the use of mobile phones increases the likelihood of being financially included as mobile technology allows the previously unbanked to perform financial transactions and doesn’t appear to discriminate along the lines of income, class, gender or age groups.

Mobile money’s traction has been growing in Africa and now banks are also embedding services from leading mobile money providers such as Airtel Money, EcoCash, M-Pesa, MTN Momo, Mukuru, Opay and Orange Money into their offerings.

According to Brendel, mobile money has helped women receive remittances, save without needing to visit a bank, and avoid cash-based risks like theft.

Furthermore, Brendel said mobile money is simple, flexible and far more accessible than traditional banking.

However, she cautioned that for women to truly grow – be it in business, buying property or accessing larger loans – they will eventually need the services that only banks can offer.

“We need a system where mobile money is the on-ramp, and then we help women transition into formal financial services when they are ready. This includes everything from improving digital literacy to designing banking products that actually fit their lives,” added Brendel.

Waruingi said that her research shows that some African women view banks as tedious, bureaucratic and slow, while mobile money is regarded as instant, simple and dignified.

“For now, mobile money remains the heartbeat of women’s financial empowerment. It is affordable, trusted, and woven into our daily life. Women should not have to choose between banks and mobile money,” said Waruingi.

She said that integration is vital, citing mobile money as the entry point, and banks as the scaling platform offering credit, investment opportunities and insurance once women are ready.

In addition, Waruingi believes that until banks become as accessible and user-friendly as fintech platforms, women will continue to see mobile money platforms as their most reliable path to financial independence.

“In marginalized areas, mobile money has been the bridge between women and opportunities. I have seen rural women in Kenya use mobile savings groups to buy farm inputs collectively, lifting entire households out of poverty,” said Waruingi.

Waruingi also noted that if Africa is to rise, it must rise with women at the center of its digital and financial revolution.

“Mobile money has proven that when you place tools of empowerment directly in women’s hands, you empower entire families, communities, and nations,” concluded Waruingi.