In a recent interview conducted by TechAfrica News with Ferdie Pieterse, the Chief Executive Officer of Experian for Africa, critical insights into the state of financial inclusion in the African context were discussed. Pieterse emphasized the significant challenge of limited financial access in the continent, particularly in South Africa, where only 19 million out of 42.2 million adults possess bank accounts.
The 42.2 million people in South Africa, who, on a daily basis, earn income in various ways, whether through salaries or as sole proprietors, engage in numerous financial transactions. These transactions include purchasing goods and services, covering household expenses, and paying medical and other bills. However, there is a significant lack of financial records for these individuals, including those using mobile wallets. Even though mobile wallets have become a popular means of conducting financial transactions, they often go unrecorded, which skews the statistics reported by companies and countries in Africa.Ferdie Pieterse · Chief Executive Officer – Africa at Experian
Pieterse stressed the urgency of providing individuals and small to medium enterprises in Africa with access to reputable credit sources, as a pivotal step towards preventing reliance on loan sharks and fostering economic growth and stability. This illuminating conversation with the CEO of Experian Africa highlighted the importance of financial inclusion as a catalyst for progress and prosperity in the region.