Increasing Financial Inclusion in Angola: A Partnership for Progress

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 six percent. This highlights 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 is working with the United States Agency for International Development (USAID) 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. We hosted a roundtable for top executives from Angolan companies to interact directly with over a dozen U.S. officials, including USAID Administrator Samantha Power and Deputy Secretary of State for Management and Resources Richard Verma.

USAID Administrator Samantha Power speaks to the director of Afrimoney Angola, Kátia Da Conceição, during a visit to the DDM Project in Benguela

During the official trip to Angola, Administrator Power and Kátia Da Conceição, Managing Director of Afrimoney Angola, visited a DDM project in Benguela. They met with mobile money field agents trained through the project and learned about the efforts to educate and onboard more users of mobile money services in rural and agricultural communities in Angola. In a press conference, Administrator Power reinforced the importance of USAID support in providing financial literacy for Angola, especially amongst women farmers.

USAID Administrator Samantha Power poses with users and potential users of mobile money services in agricultural communities in Benguela, Angola

The DDM project targets the underbanked and unbanked through two main components. First, it provides technical support to the Africell Group and its local partners to streamline digital payment implementation within a rapidly expanding user base. Second, it aims to create an ecosystem in Angola where mobile money is widely accepted, fostering radical expansion of financial inclusion. The initiative also prioritizes 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 will be onboarded to support the mobile agents in spreading awareness and knowledge of digital payments in local markets in Luanda, Angola. DDM empowers 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.

Financial Inclusion Specialist, Vania Gomes, pictured with the participants of the Female Empowerment for Inclusion and Financial Literacy training.

DDM is part of the U.S. Government’s contribution to the Partnership for Global Infrastructure (PGII) initiative—an initiative aimed at mobilizing international investment in emerging markets to close the global infrastructure gap. By advancing financial literacy and mobile money usage, DDM is making strides in transforming the financial landscape of Angola, fostering economic growth, and enhancing the livelihoods of its people

download (1)