Browsing: Africa Digital Financial Inclusion

financial inclusion in Tanzania

Why financial inclusion in Tanzania remains a big challenge

Banking
  • Less than 40% of adult population in Tanzania has bank accounts.
  • Central Bank aims to increase integrated financial services access to 80% by 2028.
  • Lack of collateral affecting disadvantaged populations from accessing bank credit.

Financial inclusion in Tanzania has increased considerably but with less than 40 per cent of the adult population having an account at financial institution, a pointer that policymakers in the country have a lot of work to do. To this end, the government, through the Bank of Tanzania (BoT), has announced plans to increase integrated financial services access to 80 per cent of the population by 2028.

BoT Deputy Governor, Ms. Sauda Kassim Msemo recently told media that financial services inclusion is crucial for sustainable economic growth of the East African nation. “The government continues to create a conducive investment environment, but we need to grow financial inclusion, especially access to banking,” she said.

She pointed …

fintech

Bridging the financial inclusion gap in Africa

Industry and Trade
  • Today, many Africans struggle to manage their finances, often using up their salaries before they even receive them.
  • This struggle is partly due to a failure of financial inclusion, which is a chance for all individuals to access financial tools.
  • Financial inclusion is a means of reducing inequality and bridging economic gaps.

Financial inclusion is a concept that transcends economic borders, embodying the idea that access to financial services is a fundamental human right that can empower individuals to build wealth and improve their lives.

While financial inclusion might appear irrelevant to those who seemingly have access to financial tools, it's imperative to recognize that a significant portion of the global population, particularly in Africa, still faces barriers to formal financial services.

According to the World Bank’s 2021 Global Findex report, up to 38 percent of adults in developing countries remain unbanked.

Financial inclusion means bridging gaps

At its core,…

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AI in Africa 1

Digital transformation: Africa’s struggle to keep pace globally

Industry and Trade
  • Digital switchover: Successful businesses do not just use digital, they become digital.
  • African youth face a gloomy future if not empowered through systems riding on digital economy 
  • There is a need for increased political will for Africa to tap into power of digital shift in accelerating growth

The concept "digital transformation" has gained popularity in the business sector, but what does it actually mean? Successful companies embrace digital technology and transform into it.

Artificial Intelligence (AI) is no longer a weird sci-fi movie but a real game change for companies and entire countries. "Today, all digital transformations are AI transformations, too" so if your company is talking about digital transformation, it should also be talking AI.

It should be noted that digital transformation is not just buying a few new computers or installing a program so persons in a company can communicate, share information, and exchange data, etc, No. Digital…

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Kenyan-Tech-startups

Kenyan Tech Startups bag $574M in funding in 2022

Tech & Business
  • Mpesa has a 7 % penetration of the GSM base in Egypt and 40% in Ghana while having a dominant 90% in Kenya.
  • Kenya’s 91 startups got the third-largest capital inflow in Africa.
  • A report released by Disrupt Africa indicated that Kenya’s average investment size was $6.3 million.

Africa’s tech Industry received a significant reveal as Kenyan tech startups accumulated $574.8 million(Ksh 71.7 billion) in funding last year. This figure astonishes many within the industry since it truly puts into perspective the current direction of Africa’s digital economy. Nowadays, funding tech startups is one of the few ways governments and organizations plan to stay ahead of the 4th Industrial Revolution. 

It is crucial to understand that Kenya, along with Nigeria and South Africa are at the top of Africa’s tech industry. In Kenya, 308 promising tech startups have inspired various organizations and governments to invest in them Nairobi, is the …