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The Role of Informal Financial Services in Africa

Leora Klapper () and Dorothe Singer

Journal of African Economies, 2015, vol. 24, issue suppl_1, i12-i31

Abstract: This paper uses data from the Global Financial Inclusion (Global Findex) database to document the state of financial inclusion in Africa. The data show that less than a quarter of adults in Africa have an account at a formal financial institution and many adults in Africa use informal methods to save and borrow. The data also show deep disparities across sub-regions and individual characteristics in how adults use financial services. The database can be used to track financial inclusion policies within the region and to develop a deeper and more nuanced understanding of how Africans save, borrow, make payments and manage risk.

Date: 2015
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