Financial Inclusion

Financial inclusion remains a critical challenge in Africa with current estimates showing only about 43% of people have access to bank accounts in Sub Saharan Africa. Financial exclusion contributes immensely to poverty and inequality and by extension leads to low levels of economic growth. For instance, although South Africa’s financial inclusion is estimated at about 69% (access), a significant percentage only use the account to receive a salary or grant and do not have access to other financial services.

Mobile technology penetration and innovative Fintech solutions have helped to accelerate deepening of financial inclusion but the cost of most financial services remains a barrier and therefore a lot still needs to be done to provide financial services to low income, marginalised and mostly rural communities. Financial inclusion can play a catalytic role in reducing poverty and inequality and accelerate the achievement of other sustainable development goals on the continent. Financial Inclusion has been identified as an accelerator and enabler of economic growth and a critical solution in the achievement of Sustainable Development goals. The Africa Financial Inclusion Forum endeavors to advance and promote financial inclusion in Africa through innovation, disruptive technologies, policy interventions and cutting-edge Fintech technologies and services.

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