Overview of Financial Inclusion in Africa – Startup Perspective

The World Bank Group considers financial inclusion as a key enabler in reducing extreme poverty and boosting shared prosperity. It has put forward an ambitious goal to reach Universal Financial Access (UFA) by 2020. According to the Global Findex Database which is released by the World Bank every three years, as of April 2018, close to one-third of all adults globally (i.e., 1.7 billion) remained unbanked. Half of these include women, members of poor households in rural areas, or those who are not a part of the workforce.

Against this background, the statistics from Africa are truly astounding – a whopping 370 million people still remain unbanked and unserved out of the total population of 590 million. Digital financial services play a major role in the increase of financial inclusion in Africa. The number of new FinTech users has increased by 250% to 7.2 million in 2017 from the 2012 baseline. This led to the growth of financial inc ...

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