OVER 350 million adults in Africa are unbanked and primarily excluded from the formal economy, relying heavily on cash or informal providers for their financial needs, which is costly, risky and leaves them vulnerable to economic instability.
This is according to AfricaNenda annual report, an African-led institution that is working to unlock the potential of inclusive digital financial services on the continent.
The institution’s interventions aim at reducing vulnerability to economic shocks by those excluded from the financial system, particularly women in rural areas.
AfricaNenda Chief Executive Officer (CEO), Dr Robert Ochola, said the need for a more inclusive society is becoming increasingly urgent.
“…One of the fastest ways to achieve this is by putting in place systems that expand access to financial services and leave no one behind. Instant and inclusive payment systems can play a pivotal role in creating universal access to financial services for all Africans,” he said.
In 2022, AfricaNenda supported its partners to mobilize 11 million dollars for developing instant and inclusive payment systems in Africa to support the rollout of Digital Public Goods (DPGs) in an African country and to support a regional system.
Mr Ochola said AfricaNenda contributed to the scaling of the Transactions Cleared on Instant Basis (TCIB) platform in the Southern Africa Development Community (SADC) along with extensive training for the West African Economic and Monetary Union.
He said AfricaNenda supported the development of seven digital finance course modules tailored to help cross-border traders in the region adopt digital payments, during the year.
In line with this, AfricaNenda launched the first State of Instant and Inclusive Payment Systems in Africa (SIIPS) report last year. The report offered a comprehensive view of Africa’s current instant payment systems landscape, revealing that more intentional and dedicated focus is needed to build the inclusivity of instant payment systems in Africa.
As a convening actor, AfricaNenda has established relationships with multiple national, regional, and continental stakeholders.
AfricaNenda wants to enable everybody in Africa to make digital transactions seamlessly and at a low cost wherever they are on the continent by 2030.
