SPONSORED CONTENT: How technology can help achieve financial inclusion by providing a low-cost, secure finance source to populations that previously could not access formal financial services such as borrowing, savings, insurance, and payments. ...
Between 2000 and 2014, Africa was considered to be a rising continent thanks to strong economic performance, improved macroeconomic management, better political governance, and a rising spirit of entrepreneurship – a trend that inspired experts to coin the term “Africa Rising.”
This reasoning is supported by statistics indicating increased internet access in Africa over the last two decades. According to the Global System for Mobile Communications Association , the number of people with internet access has increased to 522.8 million, or 39.8 percent of the population, since 2000. Further studies by the Brookings Institute show that the continent could reach parity with the rest of the world by 2030, when three-quarters of Africans are expected to be internet users.
Enhancing access to financial services is one of the areas where technology can quickly create growth opportunities. Africa has the highest rates of financial exclusion globally, with the formally unbanked or underbanked population reaching as high as 86 percent in some countries. This is despite the fact that having access to convenient and appropriate financial services gives people more opportunities to achieve their economic goals.
That is why Absa Bank Kenya has been actively working to improve access to affordable financial services by utilizing alternative channels to increase consumer access to financial services. Timiza Virtual Banking platform, for example, provides financial access to small business owners who were previously excluded from formal financial services and has reached nearly five million users since its launch.
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