The Gambia’s formal financial inclusion rate rose to 82% in 2025, up from 19% six years earlier, according to the FinScope Consumer The Gambia 2025 survey. The sharp increase highlights how mobile money is becoming the country’s main gateway to formal financial services.
The figures were reported in July, with mobile money identified as the main force behind the change. Financial exclusion fell from 69% in 2019 to 14% in 2025, while the use of formal non-bank financial services rose from 14% to 81%.
The development places The Gambia among the African markets where digital wallets are reaching people faster than traditional bank branches.
Mobile money becomes the first financial relationship
Among adults without a conventional bank account, 68% use mobile money as their main financial service. Around 60% of these users live in rural areas, where the cost and distance associated with traditional banking can limit access.
Mobile money allows customers to send and receive funds, deposit and withdraw cash, pay bills and complete everyday transactions through agents and mobile platforms. For many users, it becomes the first formal financial relationship they establish.
This changes the role of fintech in the economy. Digital services are no longer limited to faster payments between existing bank customers; they are providing access to people who have historically remained outside the formal financial system.
Wave recognised as a major contributor
Wave has been identified by Gambian authorities as one of the main contributors to the progress. The company has built its presence around low-cost mobile money services and a broad agent network.
Wave Gambia managing director Sainabou Sarr said the survey demonstrates the practical impact of mobile money, particularly through transfers, payments, deposits and withdrawals. The company’s recognition reflects the growing importance of private digital-finance operators in delivering national financial access.
The Central Bank of The Gambia lists Wave Transfer alongside a growing group of licensed or recognised fintech and wallet operators, including QMoney, Afrimoney, Yonna Wallet, APS Wallet and several newer payment providers.
The next challenge is depth
Access is only the first stage. The next question is whether digital accounts will develop into wider financial tools that support savings, insurance, credit and small-business activity.
Consumer protection, reliable agent liquidity, network coverage and effective supervision will become increasingly important as transaction volumes grow.
For The Gambia, the FinScope figures suggest that mobile money is no longer a secondary payment option. It is becoming part of the country’s basic financial infrastructure, linking households, merchants and rural communities to the formal economy.
Newshub Editorial in Africa – 2 October 2026
The Gambia’s formal financial inclusion rate rose to 82% in 2025, up from 19% six years earlier, according to the FinScope Consumer The Gambia 2025 survey. The sharp increase highlights how mobile money is becoming the country’s main gateway to formal financial services.
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