About 23% of adults in 
Africa have an account with a formal financial institution. Many adults use informal methods to save and borrow money. Saving under the mattress, through asset accumulation such as gold or livestock or rotating savings and credit associations are commonly practiced by millions of Africans. Many reasons can be attributed to it. • Lack of money to use the service • Distance to a financial institution especially those in the rural areas • Cost of operating one is exorbitant like in Nigeria / =N=65 bank charge. I advised the Central Bank of Nigeria against the backlash of implementing this charge. • Insufficient documentation is commonly cited for younger adults in Sub Saharan Africa Way forward • Financial institutions should invest more on improving the infrastructure • Improve contestability of financial systems • Improve regulatory environment as this will speed up adoption of new products, processes and technology that may reduce the barriers. • Put in place a standard legal frame work to attract the right foreign investors
