Top 10 African countries adopting cashless transactions by population

Africa is making progress in its transition towards cashless economies, driven by the rise of mobile money platforms, digital banking services, and advancements in financial technologies. Despite this progress, cash continues to dominate retail transactions across the continent.

According to the GSMA, Sub-Saharan Africa accounted for 48% of global mobile money accounts in 2024, representing 835 million accounts globally. Within the region, East Africa led with 50 million accounts, followed by West Africa with 66 million, Central Africa with 14 million, and Southern Africa with 4 million.

These figures highlight a growing adoption of digital payment systems, but a report by the World Bank indicates that 90% of retail transactions in Sub-Saharan Africa are still cash-based. Additionally, only 34% of adults in the region have access to traditional bank accounts, underscoring the challenges of financial inclusion.

Africa’s adoption of mobile money is growing, with East Africa leading and West Africa catching up. Increased smartphone usage and fintech are key drivers, enabling millions without bank accounts to transact digitally.

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Challenges include limited rural internet, cybersecurity risks, and low financial literacy. However, improved connectivity and targeted policies offer opportunities to boost financial inclusion and economic growth.

Mobile money’s rise signals a future where digital payments dominate Africa’s economy.

Here are the top 10 African countries adopting cashless transactions by population

1. Kenya — 75.8%

Kenya ranks highest in the continent for cashless transactions. The widespread use of mobile money platforms like M-Pesa has transformed how individuals and businesses handle transactions. With nearly three-quarters of the population actively engaging in digital payments, Kenya stands as a model for financial inclusion and technology-driven payment systems.

2. South Africa — 70.5%

South Africa has seen substantial growth in digital payment adoption. Factors contributing to this include robust banking infrastructure and increasing use of online retail platforms. Government initiatives to promote electronic payments also play a role in making cashless transactions a preferred choice for many South Africans.

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3. Ghana — 63.7%

Ghana is making significant strides in digital payments, driven by a rapidly growing fintech sector and a strong emphasis on mobile money usage. These services provide an accessible and efficient way for Ghanaians to conduct financial transactions, particularly in rural areas with limited access to traditional banks.

4. Gabon — 62.3%

Gabon’s position on this list highlights the growing influence of digital financial services in Central Africa. Mobile money solutions are enabling Gabonese citizens to participate in the cashless economy, bridging the gap between the unbanked population and formal financial systems.

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5. Namibia — 58.5%

Namibia’s increasing digital payment adoption reflects a combination of government support and private-sector initiatives to boost electronic transactions. Mobile wallets and internet banking have become integral to the daily lives of many Namibians, contributing to a gradual reduction in cash dependency.

6. Zimbabwe — 55.7%

Zimbabwe’s economy has faced multiple challenges over the years, but its adoption of cashless payments is notable. Mobile money platforms are widely used, providing a solution to challenges with cash shortages and ensuring greater financial inclusivity.

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7. Lesotho — 54.9%

Lesotho’s focus on digital transactions is growing as financial institutions expand their digital service offerings. Mobile banking apps and USSD services are particularly popular, enabling users to make payments and transfer money conveniently.

8. Tanzania — 48.4%

Tanzania’s digital payment landscape is driven by mobile money operators like M-Pesa, Airtel Money, and Tigo Pesa. These platforms provide a reliable means of conducting financial transactions for both urban and rural populations, contributing to economic activity across the country.

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9. Zambia — 44.4%

Zambia has seen steady growth in digital payment adoption, with the government encouraging cashless transactions through policies that promote financial technology. Mobile money and online payment solutions are becoming more prevalent, making digital payments accessible to a broader segment of the population.

10. Republic of Congo — 42.6%

The Republic of Congo rounds out the list with a growing percentage of its population using digital payments. Mobile money services dominate the space, providing essential financial solutions in a region where banking services remain limited.