Despite the popularity of M-Pesa and other similar services less than half of the population in sub-Saharan Africa has bank or mobile money accounts; but recent fintech innovations have lowered the cost for financial institutions to serve their customers; numerous initiatives by local as well as international banks are trying to reach the underserved today in new ways; but bank accounts alone are not enough to improve financial health people need to have a compelling reason to use their accounts. Source.
