Speaking at the 3i Africa Summit 2026 in Accra, Stephen Ambore, Policy Director (Africa) at Women’s World Banking, highlighted a major challenge facing Africa’s digital and financial future:
Millions of African women remain excluded from the formal financial system.
According to him, 48% of women are still unbanked, and nearly half of those women do not even have access to mobile phones.
For a continent increasingly focused on fintech, digital payments, and mobile banking, those numbers reveal a harsh reality:
Africa’s digital revolution is still leaving millions of women behind.
The Invisible Women of Africa’s Economy
One of the most powerful points raised by Stephen Ambore was the role women already play in Africa’s informal economy.
According to him, nearly 70% of trade in the informal sector is driven by women.
These are:
- market women
- cross-border traders
- food vendors
- small-scale entrepreneurs
- artisans
- rural business owners
Many of them operate entirely outside formal financial systems.
Yet despite being central to economic activity, large numbers of these women:
- cannot be formally identified
- lack access to banking services
- do not own smartphones
- and remain digitally excluded
This creates a dangerous gap in Africa’s economic transformation.
Because if the people driving much of the continent’s informal trade remain disconnected from financial systems, true economic inclusion becomes impossible.
The Mobile Phone Divide
Mobile banking has become one of Africa’s biggest financial success stories.
However, Stephen Ambore pointed out an important limitation: many women still do not own smartphones.
Among those who do have phones, many only use feature phones basic mobile devices with limited internet and app capabilities.
This means many digital financial services designed for smartphone users may already be excluding a large percentage of African women.
The issue is not simply technology availability.
It is accessibility.
If digital systems are built only for highly connected urban users, millions of women in rural and informal sectors risk being ignored.
“If You Build for a Woman, You Build for a Community”
Perhaps the most striking statement from Stephen Ambore was this:
“If you build for a woman, you build for a whole community. But if you build for a man, you exclude people.”
The statement reflects a growing understanding in development and financial inclusion conversations:
women’s economic participation often has broader social impact.
Research across multiple sectors has consistently shown that women are more likely to reinvest earnings into:
- children’s education
- healthcare
- nutrition
- family welfare
- community wellbeing
When women gain access to financial systems, the benefits often extend far beyond the individual.
This is why many experts increasingly view women’s financial inclusion not just as a gender issue but as an economic growth strategy.
Financial Exclusion Is More Than a Banking Problem
The issue goes deeper than simply opening bank accounts.
Without access to formal financial systems, many women struggle to:
- access loans
- grow businesses
- build credit histories
- save securely
- access insurance
- participate in digital commerce
And without digital identity systems or formal documentation, many remain invisible to financial institutions entirely.
This creates a cycle where the people most active in grassroots economic activity remain the least financially empowered.
Africa’s Fintech Boom Must Become More Inclusive
Africa’s fintech ecosystem has grown rapidly over the past decade.
Countries such as:
- Kenya
- Nigeria
- Ghana
- South Africa
have become global examples of digital finance innovation.
But Stephen Ambore’s comments raise an important question:
Who exactly is benefiting from this growth?
If millions of women remain disconnected from digital systems because of:
- lack of devices
- lack of connectivity
- lack of identification
- or lack of financial literacy
then Africa risks creating a digital economy that serves only part of its population.
Building Technology for African Realities
One of the biggest lessons from the discussion is that African innovation must reflect African realities.
Solutions designed for highly connected urban users may not work for:
- rural traders
- informal workers
- low-income women
- cross-border market sellers
This means fintech companies, policymakers, and financial institutions must think differently.
They may need to:
- build lighter mobile solutions for feature phones
- simplify onboarding processes
- improve digital identity systems
- expand financial education
- reduce barriers to entry
Because inclusion is not only about creating technology.
It is about creating access.
The Future of Africa’s Economy Depends on Women
Africa cannot build a truly inclusive digital economy while millions of women remain financially invisible.
Women already drive a significant part of the continent’s informal trade and economic activity.
The challenge now is ensuring they are not excluded from the systems shaping Africa’s future.
Stephen Ambore’s comments at the 3i Africa Summit serve as an important reminder:
Financial inclusion is not simply about technology.
It is about people. And if Africa wants sustainable economic growth, empowering women financially may be one of the most important investments the continent can make.
