Browsing: Financial inclusion Africa

Bridging the financial inclusion gap in Africa

Industry and Trade August 14, 2023

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, …

India commits $2M to boost Africa’s digital financial inclusion

Banking August 8, 2023

In 2021, 76 percent of adults had an account at a bank or regulated institution
Financing will enable African nations to expand portfolio of digital financial solutions and initiatives
The facility will be housed and managed by the African Development Bank,

India will contribute $2 million to the Africa Digital Financial Inclusion Facility (ADFI), in an effort to break the barrier to growth and spur uptake of digital financial solutions.

The facility will be housed and managed by the African Development Bank. It will mainly focus on accelerating financial inclusion in Africa, India said.

India is recognised globally for the success of its digital public payments system. The country’s collaboration with ADFI enables the facility to learn from best practices and help scale up initiative. The program aims to meet the needs of financially excluded and underserved people in Africa.