Financial Inclusion Case Study
Airtel Money
Airtel Money is a leading mobile money operator in Africa that enables customers to receive, store, and spend money safely and efficiently using their mobile phones, connecting millions to the global financial system. Working with global partners on a range of products and services, the company’s 24/7 e-wallet service reaches 25+ million customers across 13 countries.
Overview
Region
Africa
Sector
Financial Inclusion
Year of Investment
2021
The Challenge
Most countries in Africa lack a robust formal banking system. As a result, roughly 500 million people across Africa use mobile money as their only connection to the financial system.
Financial inclusion is increasingly recognized as a key driver to creating economic growth and alleviating poverty. A substantial portion of mobile money user have incomes below $1.90 per day and minimal access to formal banking services.
Solution Provided
Airtel Money operates in parts of the world with low access to traditional banking, and its products and services are tailored to the needs and income levels of the un- and under-banked.
With the company’s tools, customers can deposit and withdraw cash from accounts, make payments for goods and services, and send and receive money. Mobile money users get access to transactional accounts, savings, remittances, and affordable lending programs.
Additionally, Airtel Money address gender equity head-on by promoting the adoption of mobile money for women. Part of the company’s financial inclusion objectives includes supporting female entrepreneurs with comprehensive financial management training to boost financial health.
Impact
25M+ Users in 13 countries
500K Agents
40K Kiosks across Africa
Note: Values are as of 12/31/21.