For years, traditional banks shied away from serving many Africans because of the costs of physical branch expansion and the risks associated with serving low-income people. Small entrepreneurs found it particularly hard to access credit as they often lack the required collateral or credit history. But the launch and growth of digital financial services across the continent is changing that situation. This IFC Impact article profiles how mobile money offers Africans a financial future.

The use of mobile money services generate data that can then be used to automatically assess the creditworthiness of the user, which opens up opportunities for lenders to give credit to people who otherwise lack collateral or a credit history.

Besides expanding access to financial services, the growing mobile money industry offers a new career path and additional income opportunities for many small-scale entrepreneurs as mobile banking agents.