NALA’s Post

Investing in targeted financial literacy programs in Africa can empower individuals; opening access to previously unbanked Africans, as well as those new to the financial system - to make informed decisions about saving, borrowing, and managing their finances effectively. Understanding how to leverage existing financial products and services can maximize the impact of financial inclusion efforts. The focus might need to shift from simply enabling basic transactions to "deepening" financial inclusion. This could involve expanding the reach of micro-investment options that allow more Kenyans to build wealth over time. In our recent report, we explore both the impressive strides made and the remaining challenges of financial inclusion in Africa; --> Data-driven insights: Sub-regional variations and country-specific financial inclusion landscapes. --> Success stories & roadblocks: Learn from what has worked (agent banking networks) and what hasn’t (restrictive regulations). --> Actionable recommendations: Discover how to deepen mobile money integration and champion regulatory reform for an inclusive future. This report explores this and more; from deepening mobile money integration to championing regulatory reform, that can solve the financial inclusion puzzle on the continent profitably. Click to download the full report: https://lnkd.in/dhvMBNdU #fintechafrica #PierrineReports #FINANCIALINCLUSION #FINTECH #AfricanFintech #AfricanFinance

Overcoming Adverse Selection: Empowering Africa with Entry Why do African banks hesitate to lend to the continent’s largest economic group, informal sector workers? The answer lies in adverse selection. Banks face higher risks due to insufficient information on these individuals who are the backbone of Africa's economy. This information gap often leads to poor lending decisions, unfavorable terms such as  over-collateralization and/or exorbitant interest rates. The subsequent result is the financial exclusion of millions. At Entry, we're on a mission to change this narrative. By tackling adverse selection and moral hazards head-on, we bridge the information gap in credit markets. Our innovative approach delves deep into a borrower's financial persona, providing insights into their true creditworthiness. We're here to offer tailored financial solutions that empower individuals and promote inclusive economic growth. We've started with housing finance products and we look to go beyond that. Our goal is to serve as the Entry point for individuals to access the formal financial world.  #FinancialInclusion #Empowerment

As of December 2023, there were 310 live mobile money services in 99 countries. About 50% of those services were in Sub-Saharan Africa (Source: The State of the Industry Report on Mobile Money 2024, GSMA). #mobilemoney #financialservices #financialinclusion #africa #subsaharanafrica

Over the past few years, West Africa has led the growth in access to mobile money (Source: The State of the Industry Report on Mobile Money 2024). #africa #westafrica #mobilemoney #financialservices #financialinclusion

Africa Trend: Money & Technology The intersection of money and technology in Africa includes mobile money using SMS and USSD transactions, remittances via platforms such as Mukuru and WorldRemit as well as earned wage access. These innovations promote financial inclusion and economic empowerment across the continent. To learn more about trends in Africa, please get in touch with Lynne Martin at lynne.martin@frost.com. #helpingafricagrow #mobilemoney #remittances #earnedwageaccess #financialinclusion #economicempowerment

The Old Mutual South Africa #SavingsInvestmentMonitor2024 results are out 📊 This annual survey tracks the shifts in the attitudes and behaviours of working South Africans. As a responsible, customer-centric company, we use these findings to deepen our understanding of customers’ changing lifestyles and to find innovative ways to respond to their evolving financial needs. Enabling our customers to become their exceptional best is our goal. Key findings include: 💡 Debt Management 30% of working South Africans have approached a creditor in the past year to make payment arrangements. 💡 Economic Outlook 36% feel confident about South Africa’s economic outlook. 💡 Financial Outlook 68% believe their financial situation will improve in the next 6 months. 💡 Changes to Insurance 31% cut down on (or have given up) car or household short-term insurance or moved to cheaper options in the last year. 💡 Expense Management 36% admitted to gambling often, to cover expenses and repay debt. 💡 Financial Priorities The top financial priority among South Africans is income/job security. Have a look at the full report below 👇 #KnowBetterDoBetter

At the 3i Africa summit, it’s been refreshing listening to learned speakers that are passionate about financial Inclusion and empowering the unbanked. I'm thrilled to see businesses collaborating to empower Africa's unbanked population and create a more affluent and inclusive future for everybody. Financial inclusion in Africa aims to create a more inclusive financial system where everyone can have the opportunity to access and benefit from financial services, ultimately contributing to broader economic and social development. Millions of people today, can be given chances and unrealized potential by having access to banking services. By bridging the gap between traditional banking institutions and the unbanked population, digital financial solutions can promote resilience and financial knowledge. The question is, how do we minimize below challenges to Financial Inclusion in Africa ? 1. Geographic Barriers: Reaching remote people is challenging because many rural regions lack the infrastructure required to provide standard banking services. 2. Low Levels of Financial Literacy: The efficient use of financial services is hampered by ignorance of financial products and services. 3. Regulatory Hurdles: Restrictive or inconsistent regulations hinder the development and innovation of financial services. 4. Economic Instability: It is challenging for people to save money or make investments in financial products when there is a high level of poverty and economic volatility. 5. Trust Issues: People are discouraged from adopting formal financial services because they are skeptical about and lack faith in financial organizations. #FinancialInclusion #AfricaRising

Understanding Africa's financial inclusion journey can be a complex endeavour; one is immediately confronted with a mix of progressive strides as well as persistent challenges. The rise of mobile money for instance has been a game-changer, particularly in East Africa, but vast swathes of the continent still grapple with limited infrastructure and low financial literacy. Can we then state that Africa is making any progress in this regard? Or is the subject of Financial Inclusion merely another buzzword, synonymous with Africa? Our new report offers valuable insights to help you better understand the reality on the ground, as well as opportunities that can be explored in terms of making more financial services and products accessible to more Africans. Download the full report to gain a competitive advantage in Africa's evolving financial landscape! #FinancialInclusion #Africa #MobileMoney #MarketResearch Click the link below to download the report: https://lnkd.in/dxqhfzMi

In Nigeria, women (and men) distrust prices considered ‘too attractive’ and have little confidence in getting customer support when they need it. Our latest report uncovers varying levels of trust and distrust in mobile money and agents observed amongst urban and peri-urban women from Lagos, Nigeria and Dakar, Senegal. This report is intended for the mobile money ecosystem to improve the use of digital financial services (#DFS) among women and further drive #finclusion for all. Download it now to find out more: https://ow.ly/9lVk50QrASn #MobileMoney #Mobile #Finclusion #Nigeria #Senegal

Someone asked me how tipped is helping the South African economy if most car guards are foreign nationals. It's a valid question, but the answer is simple. Tipped's vision goes beyond South Africa. Many of our users are foreign nationals, but that doesn't limit the economic impact. Tipped is about empowering and uplifting everyone, no matter their background. We provide digital payment solutions that make it easier and safer for people to receive tips and payments.  This helps boost financial inclusion, which is vital for economic growth. People can manage their earnings, save and even invest with access to digital financial services. And most of the money they earn is spent in South Africa. So, this benefits a more resilient and inclusive economy.  #tipped #FinancialIncliusion #SouthAfrica #Empowerment