How might we connect the unserved & underserved population in Africa to affordable financial services using readily available technology?
Our thinking behind making this a priority
According to McKinsey and Company, 80% of Sub-Saharan African adults do not use banks or microfinance institutions to save or borrow money. Across Sub-Saharan Africa, there is a lack of savings, credit, and investment solutions that work for women, youth, farmers, small businesses, and other underserved communities.
In spite of these stats, Africa has 1.13 billion mobiles phones (mobile penetration is at an all time high of 67%), with 286 million of these are connected to the internet. In the past decade, 29 million more Africans have accessed financial services through mobile phones.
We need innovative solutions that will utilize low technology efficiently to bring more people into the financial system. Improving the quality and accessibility to financial services will help unleash enormous potential for economic growth in Africa.