The study was conducted using GeoPoll's TuuCho feature through its mobile application and mobile web in Ghana, Kenya, Nigeria, South Africa, Tanzania, and Uganda. A total of 3,950 respondents, selected randomly from GeoPoll app users aged between 18 and 65, participated in the study, which took place from September 19 to September 24, 2025. GeoPoll’s research aims to provide deeper insights into financial trends and consumer behaviour in Africa, Asia, and Latin America, helping organizations better understand and respond to the evolving needs of consumers in emerging markets.

Most Used Financial Services

Mobile money services are driving a digital financial revolution by offering accessible, convenient, and secure financial transactions, particularly in underserved communities. Findings from the Geopoll study indicate a significant divide across Sub-Saharan Africa between countries where mobile money is predominant and those where bank accounts remain central. In Ghana, Kenya, Uganda, and Tanzania, mobile money is the leading financial service, with adoption rates of 73%, 68%, 71%, and 55% respectively. In contrast, Nigeria and South Africa are largely bank-driven, with bank account usage at 75% and 90%. In these two countries, however, mobile money adoption remains low, at just 14% in Nigeria and 4% in South Africa.

The study's findings also indicate that there are additional financial services available, such as SACCOs (Savings and Credit Cooperative Organizations), microfinance, insurance, and digital lending apps, which have minimal usage across all six countries, generally not exceeding 5%. Notably, 7% of respondents in Tanzania and 6% in Uganda reported having no access to financial services at all, highlighting persistent gaps in financial inclusion. Overall, the findings reveal significant regional disparities: East Africa is characterized by widespread adoption of mobile money, whereas West and Southern Africa continue to rely on traditional banking systems.

Challenges with Mobile Money and Fintech Appss

While respondents in the study widely made use of digital finance tools, technical reliability and affordability are major challenges for users. Thirty-seven per cent (37%) mentioned network downtime as a challenge, which disrupts transactions and access when using mobile money and fintech services. Twenty-seven per cent (27%) also raised concerns about the high fees charged when using digital finance tools. Additionally, 22% of the respondents cited fraud or security risks as challenges associated with using mobile money and fintech services, both of which present significant barriers to user confidence. A smaller share, representing 5% cited poor customer service and other issues, while 4% mentioned digital literacy or app complexity.

Banking and Usage

Bank account ownership in Sub-Saharan Africa has increased significantly over the past decade, rising from approximately 23% in 2011 to nearly 49% in recent years. However, this average conceals considerable variation: in countries like Kenya and South Africa, over 70–80% of adults have bank accounts, while in some others, ownership remains comparatively low. Despite this growth, the utilization of banking services for daily transactions is limited. People primarily use banks for deposits, savings, and receiving salaries, while payments, transfers, and credit are increasingly managed through mobile money. Awareness and use of banking services remain low in many rural and low-income areas, resulting in a substantial portion of the population still being unbanked. Digital and mobile banking innovations are helping to bridge these gaps by providing lower-cost and more accessible entry points into the formal financial system.

Encouraging Greater Use of Financial Services

All 3,950 respondents were asked what changes would encourage them to use financial services more frequently. The results showed that 43% of participants identified affordability as the primary factor, making lower fees their top priority. Other significant improvements included better customer service (21%) and easier access through an increased number of agents or branches (18%), highlighting the importance of convenience and user experience. Additionally, 13% of respondents emphasized the need for greater trust and transparency, while 6% expressed concerns about the simplicity of financial products and services. These findings indicate that reducing costs, enhancing accessibility, and improving customer support could greatly increase the adoption of financial services.

Overall Satisfaction with Financial Services

The study indicated that respondents generally have positive experiences with financial services. The largest group, comprising 44% of participants, reported being satisfied, while another 16% stated they were very satisfied. This highlights a broad approval of the available services. However, 35% of respondents expressed a neutral stance, indicating neither a strong sense of satisfaction nor dissatisfaction. A small percentage reported negative experiences, with 4% being dissatisfied and 2% very dissatisfied. Overall, the findings suggest that while most users are content with their financial services, there is still room for improvement in service quality and customer experience.

The financial services landscape in Sub-Saharan Africa is rapidly evolving due to the rise of mobile money and digital tools. While progress in financial inclusion is notable, issues like technical reliability, affordability, and trust still pose challenges. The contrast in mobile money usage between East Africa and traditional banking in West and Southern Africa highlights the need for customized solutions. To unlock the region's financial potential, it is crucial to foster innovation, enhance user experiences, and reduce costs. These will ultimately empower individuals and foster economic growth.