The Beninese financial market is broad and diverse; however, the formal aspect of this market has largely remained unused by most of the population. A quarter of Beninese adults have used formal financial services, but only a fifth report owning a registered formal financial account in their name. Conditions do exist for increasing financial inclusion, though. Many Beninese adults are financially active, with 47 percent report having saved in some manner and 20 percent reporting have borrowed. Mobile money awareness is high, as is access to mobile phones. An increase in the development of use-cases could spur adoption.
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