In Angola, about half of the population is unbanked. Despite approximately 70 percent of Angolans owning a mobile phone, the mobile money penetration rate is only 6 percent. This highlighted the pressing need to increase the availability of financial services in a country where access to traditional banking is limited.
To address this issue, IDG worked with the United States Government to implement the “Dinheiro Digital é Melhor” (DDM) or “Mobile Money is Better” initiative, under the $58 million Technical Assistance Project for Economic Growth. In partnership with Africell Group, a leading mobile network operator with nearly 15 million subscribers in sub-Saharan Africa, the DDM initiative aims to enhance financial inclusion for Angolans.
In the heart of Luanda, a pivotal event unfolded, marking a significant step towards economic growth and strengthening developmental ties between Angola and the United States.
The DDM project targeted the underbanked and unbanked through two main components. First, it provided technical support to the Africell Group and its local partners to streamline digital payment implementation within a rapidly expanding user base. Second, it created an ecosystem in Angola where mobile money is widely accepted, fostering radical expansion of financial inclusion. The initiative also prioritized gender inclusivity, exemplified by the recent launch of the first training for Female Empowerment for Inclusion and Financial Literacy, where 500 women were trained to become mobile money agents. Through this training, 150 Africell Group brand ambassadors were onboarded to support the mobile agents in spreading awareness and knowledge of digital payments in local markets in Luanda, Angola. DDM empowered participants by providing them with phones and financial literacy knowledge—offering them the information needed to develop their businesses and successfully market to new users.
DDM was part of the U.S. Government’s contribution to the Partnership for Global Infrastructure (PGII) initiative—an initiative that aimed at mobilizing international investment in emerging markets to close the global infrastructure gap. By advancing financial literacy and mobile money usage, DDM made strides in transforming the financial landscape of Angola, fostering economic growth, and enhancing the livelihoods of its people.
