Investment is an essential part of inclusive growth - Mara Group

Investment is an essential part of inclusive growth in Africa, according to Ashish Thakkar, the founder of Mara Group. In a recent interview on CNBC Africa, Thakkar emphasized the importance of inclusive growth for sustainable investments on the continent. Thakkar, who also sits on the board of the SDG Center for Africa in Rwanda, highlighted the significance of incorporating inclusive practices within business plans. He stressed that companies must prioritize lending to SMEs, startups, and women entrepreneurs to foster economic growth in African economies. Thakkar reflected on the challenges SMEs face in accessing trade financing, noting that traditional banking models often prioritize high margins over supporting small businesses. He underscored the need for a paradigm shift in the lending landscape to better serve the unique needs of diverse sectors and markets across Africa. Thakkar advocated for a tailored approach to lending that considers local market dynamics and requirements. Discussing the future of lending, Thakkar pointed to the evolving landscape of financial innovation in Africa. He emphasized the role of technology in enabling commerce and driving economic progress on the continent. Thakkar highlighted the potential of the fintech sector to revolutionize banking services and expand financial inclusion for both businesses and individuals. Thakkar also addressed the importance of empowering women and youth in the context of inclusive growth. He raised concerns about the marginalization of these demographic groups despite technological advancements in the financial sector. Thakkar called for a shift towards mobile banking and lending services tailored to meet the needs of rural communities and diverse sectors. Looking ahead, Thakkar expressed optimism about the possibilities for leapfrogging in Africa's economic development. He emphasized the need for locally-driven solutions that empower entrepreneurs and leverage existing business networks to drive scalability. Thakkar teased upcoming announcements from Atlas Mara in the digital and fintech space, signaling a commitment to driving innovation and inclusivity in the financial sector. In conclusion, Thakkar reiterated the critical role of inclusive growth in shaping sustainable investments and economic development in Africa. He underscored the importance of prioritizing inclusivity in business strategies to ensure long-term success and resilience.