Access is the Future of Financial Inclusion in Africa

Financial inclusion in Africa has been one of the biggest success stories in the last decade and it’s been observed that the implementation and expansion of digital financial services has resulted in an exponential rise in the number of people who have access to formal financial services. Moreover, SME´s are getting greater access to credit thanks to digital lending Fintechs.

Africa now has more digital financial technology implementations than any part country of the world, accounting for nearly 700 million individual users. Also, access to mobile money services has increased households’ daily per capita consumption rate, lifting them out of severe poverty.

In the banking industry, there is increasing interest in moving toward an omni-channel strategy, in which digital is simply part of the overall business and encompasses anything from back-end customer relationship management to front-end mobile apps for consumers, open access to Fintech partners, and a seamless user interface for clients across all digital platforms.

It is projected that widespread use of digital finance has the potential to raise emerging economies’ annual GDP by US$ 3.7 trillion by 2025.