By ensuring that more Africans have access to essential financial services, I believe we can not only accelerate economic growth, but also begin to solve some of the continent's most pressing issues.
Africa has always been a continent of immense potential, with abundant resources, a young and growing population, and a vibrant entrepreneurial spirit. But financial inclusion has been a key missing piece, with only 43% of sub-Saharan Africa's population having a traditional bank account, according to the International Monetary Fund (IMF).
Traditional banking systems, often reliant on brick-andmortar access, have failed to reach vast swathes of the population. This has left millions trapped in a cycle of poverty - unable to save for emergencies, invest in businesses, or weather financial shocks.
The tide is turning, however, thanks to the rise of mobile money and other digital financial technologies, as well as the use of alternative data for credit scoring. These tools are bypassing traditional limitations, reaching even the most remote corners of the continent.
This story is from the August - September 2024 edition of Forbes Africa.
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This story is from the August - September 2024 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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