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World Bank Says 700m Adults Opened Bank Account in 3 Years

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The 2014 (World Bank’s) Global Findex Database measuring Financial Inclusion around the world reveals significant progress in expanding financial access, with 700 million adults worldwide became account holders between 2011 and 2014.

The report obtained by Nigeria CommunicationsWeek showed that the number of unbanked adults has decreased from 2.5 to 2 billion people around the globe as East Asia and Pacific region increased account ownership by 25% and made significant progress expanding account ownership among the poor.

Other indicators from the report are,

-Latin America and Caribbean made good strides bringing the poor into the financial system, including 40 million adults who receive government payments into accounts.

-South Asia has added 185 million adults with new accounts since 2011

Based on the study it appears more work is needed to connect women to financial services and drive usage of accounts.

-Women make up 55% of the world’s unbanked adults – 1.1 billion

-While 50% of women now have an account, there is still a 9% gender gap

-Among all adults who have an account:

-1.3 billion still pay for electronic, water or trash collection in cash

-500 million pay school fees in cash

-355 million send/receive remittances in cash or over-the-counter

Globally, 62% of adults reported having an account in 2014, up from 51% in 2011.

The share of adults with an account increased in nearly every economy.

Not surprisingly, however, the extent of account ownership continues to vary widely around the world. In high-income OECD economies account ownership is almost universal: 94% of adults reported having an account in 2014.

In developing economies only 54% did. There are also enormous disparities among developing regions, where account penetration ranges from 14% in the Middle East to 69% in East Asia and the Pacific.

The 2014 Global Findex database defines account ownership as having an account either at a financial institution or through a mobile money provider.

The first category includes accounts at a bank or another type of financial institution, such as a credit union, cooperative, or microfinance institution.

The second consists of mobile phone–based services used to pay bills or to send or receive money. The definition of a mobile money account is limited to services that can be used without an account at a financial institution.

Adults using a mobile money account linked to their financial institution are considered to have an account at a financial institution.

Globally, nearly all adults who reported owning an account in 2014 said that they have an account at a financial institution: 60% of adults reported having a financial institution account only, 1% having both a financial institution account and a mobile money account, and 1% a mobile money account only.

But while only 2% of adults worldwide have a mobile money account, in Sub-Saharan Africa 12% do—half of them a mobile money account only.

All 13 countries around the world where the share of adults with a mobile money account is 10 percent or more are in Sub-Saharan Africa.

In 5 of these 13 countries—Côte d’Ivoire, Somalia, Tanzania, Uganda, and Zimbabwe—more adults reported having a mobile money account than an account at a financial institution.

The 2014 Global Findex database shows great progress in expanding financial inclusion around the world. But large gaps remain.

Many people around the world, particularly women and poorer adults, still do not have an account.

Among adults in the poorest 40% of households within individual developing economies, the share without an account fell by 17%points on average between 2011 and 2014—yet more than half (54 percent) remain unbanked.

Among adults in the richest 60 percent of households, by contrast, 40 percent are unbanked.

For most people, owning an account provides an entry point into the formal financial system. An account makes it easier and often more affordable to pay bills, to receive payments, and to send or receive remittances.

It also offers a safe place to store money and so can encourage saving. And it can open access to credit from a financial institution.

In short, having an account is a marker of financial inclusion.

Ownership Of Accounts

For the 2014 Global Findex database, account ownership is defined as having an account either at a financial institution or through a mobile money provider.

The first category includes accounts at a bank or another type of financial institution, such as a credit union, cooperative, or microfinance institution.

The second consists of mobile phone–based services used to pay bills or to send or receive money.

To identify people with a mobile money account, the 2014 Global Findex survey asked respondents about their use of specific services that are available in their country—such as M-PESA, MTN Mobile Money, Airtel Money, or Orange Money—and included in the GSM Association’s Mobile Money for the Unbanked (GSMA MMU) database.

The definition of a mobile money account is limited to services that can be used without an account at a financial institution. People using a mobile money account linked to their financial institution are considered to have an account at a financial institution.

The question on mobile money accounts was asked only in the 74 economies—among the 143 included in the survey—where the GSMA MMU database indicates that mobile money accounts were available at the time the survey was carried out.

How does account ownership vary around the world? Not surprisingly, account ownership varies widely around the world.

In high-income OECD economies account ownership is almost universal: 94% of adults reported having an account in 2014. In developing economies only 54 percent did.

How Has Account Ownership Changed Over Time?

The first round of Global Findex data was collected in 2011, and the second round three years later.

How do the 2014 data on account ownership compare with the earlier data? Globally, the share of adults with an account increased by 11% points, from 51% in 2011 to 62 percent in 2014.

And the number of adults without an account—the unbanked—fell from 2.5 billion to 2 billion.6 Yet while the number of unbanked adults fell by 500 million, the number of adults who became account holders over this period is actually larger—700 million.

The difference between these numbers is due to population growth. In 2011 the world’s adult population was 5 billion, with 2.5 billion adults having an account and 2.5 billion being unbanked.

By 2014 the world’s adult population had increased to 5.2 billion, with 3.2 billion adults having an account and 2 billion being unbanked. Account ownership increased in every region.

But the growth was particularly strong in East Asia and the Pacific, South Asia, and Latin America and the Caribbean, each of which saw an increase in account penetration of more than 10% points.

The increase was concentrated in financial institution accounts everywhere except Sub-Saharan Africa, where mobile money accounts drove the growth in overall account penetration from 24 percent in 2011 to 34% in 2014.

In East Africa, where mobile money accounts are most common, these accounts increased overall account penetration by 9 percentage points to 35 percent while the share of adults with an account at a financial institution remained steady at 26 percent

 

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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GenAI Adoption Among African workers Outpace Global Peers

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Africa’s workforce is embracing artificial intelligence (AI) at a faster pace than global peers, but pressure is mounting for organisations to ramp up digital skills development as generative AI (GenAI) begins reshaping roles across industries.

This is according to PwC’s Global Workforce Hopes and Fears Survey 2025, which shows a continent ready for AI-enabled transformation, but facing a narrowing window to prepare, through skills development initiatives.

The survey, covering nearly 50 000 workers worldwide and 1 753 across South Africa, Algeria, Kenya, Morocco and Nigeria, finds that African employees are already integrating AI into daily operations.

Sixty-four percent of respondents in Africa used AI tools in the past year, compared to 54% globally, and the sentiment is overwhelmingly positive. While only 17% report using GenAI every day, confidence in its benefits is high: 76% believe GenAI improves work quality, and 72% expect AI-driven productivity gains within three years.

In SA, executives are even more bullish, as 91% say AI has already lifted both productivity and work quality — a signal that leadership is pushing harder toward AI-enabled ways of working, notes the survey.

However, this optimism is coupled with rising concern about future readiness. Only 35% of African workers believe their skills will still be relevant three years from now. With GenAI expected to affect nearly half of all job roles, PwC warns that the continent’s workforce risks falling behind unless organisations accelerate large-scale reskilling.

Despite the pressures, employees are not standing still. PwC notes that African workers outperform their global peers in proactive learning, recording 15% higher participation in skills-building and receiving 6% more support from managers. This indicates that both workers and immediate supervisors recognise the pace of AI adoption and are pushing to adapt.

PwC Africa people and organisation leader, Dr Dayalan Govender, says the moment calls for decisive leadership. Organisations, he argues, must integrate AI into workforce strategies, accelerate digital adoption, and expand upskilling programmes at scale.

“Africa’s workforce is optimistic and ready for change, but leaders must accelerate digital adoption and invest in future-ready skills to convert this optimism into sustainable growth,” he says.

Beyond the technology shift, the survey captures a workforce hungry for growth but constrained by financial pressure. Many employees are preparing to make career moves: 45% plan to request a raise, and another 45% aim for a promotion in the next year. Yet household financial stability remains strained, with only a third of respondents reporting any money left over for savings.

Still, Africa’s workplaces continue to show strong foundations of trust and purpose — elements PwC believes will be critical in navigating GenAI disruption. More than 55% of workers trust management, and two-thirds say their work feels meaningful, both above global averages.

With AI adoption rising and employees motivated to reinvent their careers, PwC warns that the coming years will determine whether Africa’s early optimism translates into long-term competitiveness as GenAI transforms the world of work.

The report calls for embedding AI into workforce strategies to bridge the gap between optimism and practical adoption, scaling upskilling initiatives to prepare for GenAI disruption, and fostering trust and psychological safety to retain talent and drive innovation.

“For employers, these findings are a stark reminder that they can and should do more to help workers understand, adopt, and embrace AI’s transformative power.

“Employers may need to pay special attention to entry-level workers, nearly a third of whom say they’re worried to a large or very large extent about AI’s impact on their future, even as they’re also curious (47%) and optimistic (38%) about its long-term societal effects,” notes the report.


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Nigeria Records Highest Weekly Cyberattacks in Africa — Report

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Nigerian organisations are facing the highest volume of weekly cyberattacks in Africa, according to the newly released African Perspectives on Cyber Security Report 2025 by Check Point Software Technologies Ltd., a global leader in cybersecurity solutions.

Nigeria Records Highest Weekly Cyberattacks in Africa — Report

The report revealed that Nigerian firms experience an average of 4,200 attacks per week, significantly higher than the continental average of 3,153 and 60 per cent above the global average of 1,963 attacks per organisation.

The findings highlight a sharp rise in attacks across Africa, driven largely by artificial intelligence-enabled threats.

Kingsley Oseghale, country manager for West Africa at Check Point, said attackers are increasingly using AI to automate phishing, impersonation, and cloud exploitation.

“AI has become part of the attack surface,” Oseghale said. “Attackers are using it to automate phishing and identity theft at scale. The only effective response is prevention-first security that combines visibility, governance, and AI protection.”

The report noted that cybercriminals are exploiting exposed identities and misconfigured systems to target critical sectors, including finance, energy, telecoms, and government.

Identity-led intrusions, AI-generated phishing campaigns, and multi-vector ransomware are on the rise.

Across the continent, Check Point identified key trends in different markets. Nigeria is experiencing business email compromise and cloud exploitation; South Africa faces rising ransomware, smishing, and botnet infections such as Vo1d and XorDDoS; Kenya has seen ransomware targeting critical energy infrastructure; and Morocco has experienced coordinated government and education-sector disruptions via DDoS and website defacement attacks.

The report highlights five major shifts shaping Africa’s cyber risk in 2025.

Traditional ransomware has evolved into data-leak extortion, AI-generated deception is widespread, and identity has emerged as the new security perimeter.

Weak cybersecurity, the report warned, can now affect international market access under regulations such as the EU’s NIS2 Directive, making digital resilience an economic necessity.

The study urged African businesses and governments to adopt prevention-first security strategies, including continuous risk assessment, regulatory readiness, and public-private collaboration.

Oseghale emphasised that, as AI reshapes operations, cybersecurity must shift from reaction to prediction.

“The real challenge is not adopting new technology but securing the trust that underpins it,” he said.


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Jumia’s Data Shows Nigerians Turning to Digital Retail to Navigate Inflation Pressures

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As Black Friday 2025 unfolds across Nigeria, new insights from Jumia’s Q3 2025 financial results reveal that more Nigerians are relying on digital retail to navigate inflation and rising living costs.

The data points to a more deliberate, value-driven shopper, one using online platforms to stretch budgets, compare options quickly, and extract more value from each purchase.

Jumia reported a 30 percent year-on-year increase in physical goods orders, while Gross Merchandise Value for physical goods rose by 43 percent.

This stronger GMV growth highlights a clear behavioural shift: consumers are assembling higher-value baskets by combining essentials with premium or long-term household items. Online retail is serving as a tool for strategic planning, not just convenience.

According to Temidayo Ojo, Chief Executive Officer of Jumia Nigeria, Black Friday now plays a more critical economic role. “Households are using digital retail to defend purchasing power. They plan their lists, compare prices instantly, and rely on the reliability and convenience that e-commerce offers,” he said.

This year’s Black Friday trends show growing demand in categories that directly support daily living. Household essentials and FMCG products are seeing significant uptake as families stock up during price drops. Home and kitchen equipment is also experiencing stronger demand as shoppers prioritise practical, durable tools. Affordable fashion and beauty products are gaining momentum as discounts make them more accessible.

Consumer behaviour in the lead-up to the sales period further reinforces this shift. Jumia recorded a notable increase in “Add to Wishlist” and “Add to Cart” activity, signalling more planning and fewer impulse purchases. The gap between GMV and order growth indicates that customers are optimising baskets using bundles, vouchers, and promo combinations, behaviours uniquely suited to digital platforms.

With inflation intensifying the need for smarter buying, trust markers on Jumia, such as verified sellers, official brand stores, ratings, and clear return policies, are becoming more central to decision-making. Authenticity and durability now outweigh the appeal of the lowest price.

Jumia’s logistics footprint is making these benefits available nationwide. Its 30,000 sqm Isolo fulfilment centre, 480 pickup stations, and 62 logistics partners ensure that customers in secondary and peri-urban cities enjoy the same deals as those in major hubs, reducing travel burdens and adding financial value.

Overall, Jumia’s Q3 data and Black Friday trends show that Nigerians are turning to digital retail as a practical, strategic response to inflation, using e-commerce to manage budgets, preserve purchasing power, and make more informed buying decisions.


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