Mobile money is emerging as the main driver of financial inclusion in Gambia. According to the results of the independent survey FinScope Consumer The Gambia 2025, the country has made one of the most spectacular progressions on the continent in terms of access to formal financial services over six years. At the heart of this transformation is Wave, praised by authorities as one of the key players in this evolution.
Gambia now has a formal financial inclusion rate of 82% in 2025, compared to only 19% in 2019, according to the FinScope Consumer The Gambia 2025 report. At the same time, financial exclusion has dropped from 69% to 14%, while the use of formal non-bank financial services has increased from 14% to 81%, mainly driven by the rise of mobile money.
Officially presented by Gambian authorities, the report highlights the growing role of digital financial solutions in money transfers, everyday payments, and local services. On this occasion, Wave was publicly recognized among the key players contributing to this transformation of the national financial landscape.
For Sainabou Sarr, Managing Director of Wave Gambia, this recognition marks an important milestone.
“The results of the FinScope Consumer The Gambia 2025 survey strongly demonstrate the role that mobile money plays in transforming the country’s financial inclusion. Being recognized by public authorities as one of the main contributors to this advancement is both an honor and a source of motivation. It reflects the concrete impact of a service that enables people to send and receive money, make deposits, withdrawals, payments, and participate more confidently in the economy.”
She also emphasizes that this progression reinforces Wave’s mission: to make financial services “more accessible, affordable, and useful for all, especially for historically excluded populations.”
Mobile money becomes the gateway to finance
The study shows that mobile money is now the primary access point to financial services for a large portion of the unbanked population.
Among adults without a bank account, 68% use mobile money as their main financial service, with 60% of these users residing in rural areas. These figures illustrate the ability of digital solutions to bypass the limitations of the traditional banking network and bring financial services closer to remote populations.
Today, the main uses include money transfers, withdrawals, deposits, and everyday payments.
A new stage: expanding usage
While access is progressing rapidly, the report suggests that the next challenge is to deepen the use of digital financial services.
The authors recommend accelerating the development of:
- digital merchant payments;
- digital savings;
- credit solutions;
- financial education;
- transaction security;
- as well as offerings tailored to youth, women, rural populations, and small businesses.
A model presented to the continent
The publication of this study comes as Banjul hosts the 2026 African Caucus meetings, bringing together African Finance Ministers, Central Bank Governors, as well as leaders from the IMF, World Bank, and several development partners.
For Gambian authorities, the FinScope results illustrate that a strategy combining regulatory vision, government commitment, and private sector innovation can accelerate financial inclusion.
As a partner in this continental meeting, Wave asserts its commitment to work alongside the Gambian Ministry of Finance and Economic Affairs, the Central Bank of Gambia, and the entire ecosystem to promote digital payments, strengthen trust in digital finance, and facilitate access to essential financial services for the population.
Through this momentum, Gambia now aims to position itself as an African laboratory for financial innovation, demonstrating that mobile money can be a powerful lever for economic and social transformation when integrated into a coherent national strategy.
