Digital finance set to open opportunities in Africa
DIGITAL finance has been hailed as a powerful tool that holds opportunities in the extension of basic services and financial inclusion across Africa.Speaking at the Africa Financial Summit, Reserve Bank deputy governor Daniel Mminele said: "One can no longer talk about growth without making reference to the fourth industrial revolution and digital finance."Earlier this year, the World Bank highlighted digital finance as having the capacity to contribute to reaching the goal of universal access to financial services by 2020.About 2-billion adults across the world do not have access to formal financial services. In sub-Saharan Africa, about 30% of the population has a bank account, a low figure when compared with emerging Asia’s 50%.Financial inclusion in East Asia is close to 70%. In SA, 77% of the adult population has a bank account.Organisations such as the Consultative Group to Assist the Poor (CGAP) are working with financial services providers to leverage payment infrastructure ...
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