The role of financially included population

Rwanda recently hosted the MasterCard Symposium on Financial Inclusion, shedding light on the crucial role of a financially included population in driving economic growth. The event brought together key industry leaders and experts to discuss the significance of inclusivity and capital development on the continent. One of the personalities present at the symposium was Sabine Mensah, a Regional Technical Specialist from UNCDF. In an interview with CNBC Africa's Arnold Segawa, Mensah discussed the pivotal role of digital finance in accelerating financial inclusion across Africa. Mensah emphasized that digital finance presents a tremendous opportunity to enhance financial inclusion. UNCDF collaborates with various stakeholders, including governments, service providers, regulators, and donors, to build a robust digital financial services ecosystem that is essential for advancing financial inclusion. The ubiquity of mobile phones in Sub-Saharan Africa, where there are more mobile phones than washrooms, underscores the potential of leveraging mobile technology to reach underserved communities, including low-income individuals in rural areas and women. Mobile phones have the capacity to bridge the gap where traditional banking infrastructure falls short, thereby facilitating greater financial inclusion. During the interview, Mensah highlighted the critical need for collective action to achieve financial inclusion targets across the continent by 2020. She emphasized the importance of regulatory bodies creating an enabling environment for innovations, service providers investing in tailored solutions that address consumer needs effectively, and donors and governments collaborating to digitize payments as a means of extending financial services to millions of underserved individuals. Mensah stressed that all stakeholders must play their part in driving the agenda of financial inclusion forward. With Africa's population skewing very young, with over 70% projected to be under the age of 35 by 2025, the challenge lies in persuading this youthful demographic to embrace financial inclusion. Mensah proposed a solution-oriented approach, suggesting that financial services need to be made easily accessible and seamlessly integrated into the daily lives of young people. By leveraging the power of digital finance, financial inclusion can become second nature to the youth, eliminating any barriers to entry and fostering a culture of financial empowerment among the continent's burgeoning young population. In conclusion, the discourse at the MasterCard Symposium underscored the transformative impact of financial inclusion on economic growth in Africa. By harnessing the potential of digital finance, mobilizing collective efforts from all stakeholders, and tailoring financial services to meet the evolving needs of the continent's youthful demographic, Africa stands poised to unlock new opportunities for inclusive economic development and prosperity.