By Azania Post Reporter
Fintech is boosting financial inclusion across Africa, according to Ecobank, the leading independent pan-African banking group, a pioneer in Africa’s digital transformation and the main sponsor of the 2018 Africa Tech summit-taking place today.
Although over 80 percent off Africans have mobile phones, only around one quarter (28 percent) of them have bank account.
But mobile banking and e-wallets are helping to break the banking logjam, offering a range of alternative payment methods as well as lending and savings services, says the statement.
A statement issued today says that, the initiative has boosted the overall financial inclusion rate to 34 percent and it is growing each day.
The statement further says that there are many barriers to wider use of new technology where a step change is needed in attitudes and approaches towards innovation.
Ecobank’s work with e-commerce, small business, and consumers - through their mobile banking app and other e-products - is helping organisations and individuals to overcome these barriers and stimulate wider usage.
“Nearly all the growth in financial inclusion since 2011 has been due to mobile banking services,” says Head of the UK representative office of Ecobank and Group Research, Dr. Edward George.
“With around 100 million users of e-wallets, Africans account for around half (57.6 percent) of all mobile wallets in the world,” he added.
Dr George says however that people are often stuck in their ways – whether a market trader or top executive – and the challenge is to change the mindset and open them up to the opportunities of digital.
“Disruptive technology is about recognising these challenges and seeing technology as an enabler, not a panacea, and by adapting innovations to the reality on the ground.
That is what we are doing at Ecobank to help businesses and individuals take the digital leapfrog,”
The Africa Tech summit takes place on 14 and 15 February in Kigali, Rwanda. It will explore the latest trends in digital technology with some 250 key African and international tech leaders from across the continent.