The issue of financial inclusion has long been a challenge in many parts of the world, especially in sub-Saharan Africa, where a significant portion of the population remains unbanked. According to Ashley Olson Onyango, Head of Financial Inclusion at the GSMA, there are currently 1.4 billion unbanked individuals globally, with the majority of them residing in rural and remote areas of Africa. Women and the poor are the most vulnerable populations affected by this issue.
Globally they’re 1.4 billion unbanked, the majority of them are in Sub-Saharan Africa, in rural and remote areas. Most venerable populations are typically unbanked, like women and poor people. We approach it to bring mobile networks scale and outreach to support and drive financial inclusion. We work with mobile money providers across the continent to deploy mobile money services to unbanked people.Ashley Olson Onyango, Head of Financial Inclusion at the GSMA
To address this problem, the GSMA has been working to bring mobile networks to scale and reach out to support and drive financial inclusion. This is done by collaborating with mobile money providers across the continent to deploy mobile money services to unbanked people. By leveraging the ubiquity of mobile phones in Africa, the GSMA is working to bring financial services to people who have historically been excluded from the formal banking system.
Mobile money services have successfully bridged the financial inclusion gap in Africa, as they provide a convenient and secure means of making and receiving payments, saving money, and accessing credit. With mobile money, people in rural and remote areas no longer have to travel long distances to access banking services or rely on informal financial services that are often risky and unreliable.
Overall, the efforts of organizations like the GSMA are crucial in addressing the financial inclusion gap in Africa. By leveraging the power of mobile networks and collaborating with mobile money providers, financial services can be brought to those currently excluded from the formal banking system, improving the lives of millions across the continent.