Bryan Carroll’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

Driving Financial Inclusion in Africa: Unlocking Potential Through Innovation Did you know that 45% of adults in Africa still lack access to formal financial services, and nearly 400 million people remain without digital tools to build financial resilience? These are more than just numbers—they represent missed opportunities for individuals, businesses, and entire economies. At the recent launch of the State of Inclusive Instant Payment Systems in Africa Report 2024, we learned that instant payment systems (SIIPS) are making strides in addressing these challenges. The event, hosted in Accra and supported by institutions like the Bank of Ghana, showcased the successes of instant payments across the continent. Yet, the message was clear: there's more work to be done. Dr. Ernest Addison, Governor of the Bank of Ghana, emphasized the need for accessible, secure, and frictionless payment systems to foster economic resilience. Similarly, Dr. Robert Ochola, CEO of AfricaNenda, called for a regulatory environment that removes barriers to financial inclusion while leveraging Africa’s unique resources for sustainable development. What stood out most is the belief that financial inclusion isn't just about transactions—it's about empowering people and communities to thrive in an increasingly digital world. How can we, as professionals and organizations, contribute to creating innovative, inclusive financial solutions for underserved communities? Let’s connect and collaborate to drive the change we want to see in Africa's financial landscape. #FinancialInclusion #Innovation #AfricaRising #Fintech #SIIPS

"Mobile money transactions across Africa in 2022 were about $836bn. That’s a lot! Despite the challenges in Ghana, we still saw a 44% increase in the first quarter of this year alone. How do we move this forward? That is why we are having the Africa Prosperity Dialogues in July. That is why we are pushing for the continent to embrace mobile money interoperability. As far as we are concerned, 90 percent of trade on the continent is within the SME sector; 80 percent of jobs created within the SME space; and 50 percent of businesses within the SME space are by women. How can we grow this in the context of building a single market on the continent, in the context of making sure that there is greater intra-Africa trade among the 1.4 billion 'people-market' on the continent? The easiest way is through mobile money interoperability." - Gabby Asare Otchere-Darko , Executive Chairman #AfricaProsperityNetwork. #APN #APD #JULY5

AfricaNenda we aim to accelerate the expansion of inclusive access to low-cost instant payment systems, so that everyone across the African continent can connect directly with the formal economy. Learn more about how we're doing that in our 2023 annual report! #financialinclusion #DPI #IPS #Africa

Financial inclusion is a critical aspect of economic development, and Africa has indeed made remarkable progress in this area. The fact that 34% of adults now have a bank account is a significant milestone. Financial inclusion is essential for: 1. Economic empowerment 2. Poverty reduction 3. Access to credit and loans 4. Improved financial stability 5. Increased economic opportunities Africa's progress in financial inclusion can be attributed to various factors, such as: 1. Mobile money innovations 2. Digital payment platforms 3. Agent banking 4. Financial literacy programs 5. Government initiatives and policies However, there is still more work to be done to reach the remaining 66% of adults who are unbanked. Continued innovation, investment, and collaboration among stakeholders are crucial to driving further progress. That Credit Africa vision to reach the 66% Credit Africa potential strategies to enhance financial inclusion in Africa include: 1. Expanding mobile money services 2. Developing digital literacy programs 3. Implementing affordable payment systems 4. Strengthening financial regulation and security 5. Encouraging financial education and awareness By building on the momentum and addressing the existing gaps, Africa can make even greater strides in financial inclusion and create a more equitable and prosperous financial landscape for all. #creditafrica #seamlessbanking #transformingafrica #digitalbanking #fintech #mobilebanking #worldbank #africadevelopmentbank

📱 Unlocking Economic Potential: Insights from GSMA's Mobile Money Report 2024 💰 In 2023, the mobile money landscape continued its trajectory of transformative growth, playing a pivotal role in enhancing financial inclusion and bolstering economies worldwide. ❗️Here are some highlights: ✅ Global Reach and Impact: With 1.75 billion registered accounts processing $1.4 trillion annually, mobile money is a cornerstone of economic activity, especially in regions like Sub-Saharan Africa, which hosts nearly three-quarters of global accounts. ✅ Economic Contribution: Between 2013 and 2022, a 10% increase in mobile money adoption was linked to a GDP rise of 0.4%-1.0% in mobile money countries, cumulatively adding almost $600 billion to their GDPs, equating to a 1.5% increase by the end of the period. ✅ Regional Powerhouse: West Africa has emerged as a dynamic center for mobile money, with significant growth in Nigeria, Ghana, and Senegal, doubling the number of registered accounts between 2013 and 2023. ✅ Diverse Use Cases: Beyond traditional transactions, mobile money has expanded into international remittances and merchant payments, reflecting the industry's maturation and innovation. 📝 This report underscores the indispensable role of mobile money in achieving financial inclusion, economic growth, and the United Nations' Sustainable Development Goals. As we look forward, the potential for further innovation and impact remains vast, promising even greater contributions to global prosperity. 👉 https://lnkd.in/dGQ6U5Qv #mobilemoney #mobile #fintech #payments #technology #innovation #finance #FinancialInclusion #economy

The Power of Collaboration in Driving Africa’s Growth   In today’s evolving money transfer landscape, collaborations are the key to unlocking economic potential across Africa. Mobile network operators, financial institutions and local fintech innovators are all playing their part in revolutionizing the way people move money. Collaborating has the power to take this forward even further, breaking down barriers, driving financial inclusion and growth.   Consider Western Union’s partnership with Safaricom, which enables seamless money transfers through M-Pesa, providing millions of customers in Kenya with a reliable way to send and receive funds.   Similarly, in Morocco, our long-term collaboration with Cash Plus recently led to the launch of a concept store that offers a unique, Western Union-branded and dedicated experience to customers as they send and receive money.   In the Democratic Republic of Congo and the Republic of Congo, our collaboration with Compagnie Financière du Congo allows us to offer digital money transfers through the FlashApp, broadening financial access in the region.   These are just a few examples of how collaborating drives innovation – and builds bridges, expanding access across the continent.   We must remember that remittances plays a critical role in Africa’s development. Billions are sent home across the continent each year to support families, small businesses, and local economies. Working together means we’re ensuring these funds reach those who need them most, fostering even greater economic empowerment and resilience.   As Africa continues to rise, it’s clear: collaboration is the cornerstone of sustainable growth. Together, through shared goals and collective effort, we’re creating pathways to a brighter, more connected future for Africa.   #PartnershipsForGrowth #AfricaRising #FinancialInclusion #WesternUnion #Empowerment  

In today's interconnected world, digital transformation is revolutionising how we conduct cross-border remittances, significantly impacting financial inclusion across Africa. Digital platforms and mobile money services have bridged geographical gaps, enabling millions to send and receive money swiftly and securely. This has particularly benefited remote and underserved communities, providing them with financial services that were previously out of reach. With increased access to financial services, individuals can save, invest, and manage their finances better. This empowerment fosters economic growth and helps lift families out of poverty. Governments and financial institutions are increasingly recognising the potential of digital remittances to drive financial inclusion. By creating supportive regulatory environments, they are facilitating the growth of these innovative solutions. Digital transformation in cross-border remittances is not just about technology; it's about creating opportunities and fostering inclusive growth. As we continue to innovate and expand these services, we pave the way for a more financially inclusive Africa. #DigitalTransformation #FinancialInclusion #Legal #Governance #Risk #Compliance #Remittances #Africa #Fintech #EconomicGrowth #Innovation #MobileMoney

Rwanda's 416 Umurenge SACCOs are now automated! Big step for financial inclusion. 📌📌 German Sparkassenstiftung Eastern Africa Rwanda is excited to share this major milestone along with key partners such as Rwanda's Ministry of Finance and Economic Planning (MINECOFIN) and #RICEM in the #UMURENGE #SACCOs (U-SACCOs) professionalization project. All 416 U-SACCOs across the country are now automated, paving the way for a more efficient and inclusive financial system for Rwandans. This project addresses the challenge of financial exclusion, which has historically impacted Rwandans, particularly in rural areas. By automating U-SACCOs, the project delivers several benefits: ✔ Increased Efficiency: U-SACCOs transition from manual to automated systems, streamlining operations. ✔ Improved Transparency: Members receive real-time mobile notifications on their accounts. ✔ Enhanced Accessibility: Mobile banking integration allows for convenient transactions anywhere, anytime. The UMURENGE SACCOs professionalization project is a three-step initiative: ▫ Automation: As completed ✅, this phase automates all U-SACCOs. ▫ Consolidation: U-SACCOs will be merged at the district level to form District SACCOs (D-SACCOs). ▫ Cooperative Bank Establishment: A dedicated bank will be created to serve D-SACCOs and their members. This project aligns with Rwanda's National Strategy for Transformation, fostering financial inclusion and economic development. #Rwanda #FinancialInclusion #UMURENGE #SACCOs #DigitalFinance #FinTech #Development

How have you benefitted from Fintech Associations in Africa ❓ 🌍 Fintech Associations play a pivotal role in shaping the future of payments, especially across #African regions. ☑ These associations serve as a bridge between #regulatory bodies, #financialinstitutions, and #fintech innovators, fostering collaboration and creating an enabling environment for the growth of digital payments. ☑ These Associations organize #hackathons, #awards, #conferences, #seminars, contributing to engagement #forums, and participating in national financial #policies. ⭕ As of 30th September 2024, #Kenya tops the African Fintech Groups on #LinkedIn with the highest number of followers 75K. 1️⃣ Kenya -75K 2️⃣ Ghana -14K 3️⃣ South Africa- 12K 4️⃣ Nigeria - 8K 📍 The result? A booming fintech ecosystem that’s empowering businesses and individuals, transforming payments, and fueling economic development in key areas such as: ⏩ Improving financial services via mobile money and digital wallets ⏩ Enhancing regulatory frameworks ⏩ Improving cross-border payments ⏩ Collaborating with non-regional firms to improve Fintech solutions As the fintech movement grows, associations ensure that Africa is not just a participant but a leader in the global financial revolution. ❓ How have you benefitted from Fintech Associations in Africa? Share your opinion in the comments section #Fintech #Payments #Africa #MENA #FinancialInclusion #DigitalTransformation #EmergingMarkets #Innovation Fintech Association Of Kenya Fintech Association of South Africa (FINASA) Ghana Fintech and Payments Association Fintech Association Of Nigeria Fintech Association of Botswana Niger Fintech Association FINTECH.MZ - Mozambique Fintech Association COTE D'IVOIRE FINTECH ASSOCIATION Tanzania Fintech Association (TAFINA) Egyptian FinTech Association Albert YIGA FinTech Magazine FinTech Futures Innocent Kwame Kpornu Innocent Orikiiriza Matilda Amponsah Edzai Zvobwo Edrissa Mass Jobe Massimo Cirasino Aftab Masood Qureshi Visa KPMG Finn Ripp Cecilia Ihrivbogbe Adebayo Ogunjobi Moses Kemibaro Kemi Ogunremi Steve Murigi