Upending the KYC

In Africa, “Banking The Unbanked Populace” Now Banks On New Coordinates

By  |  September 7, 2021

In 2019, Africa received more funding for financial inclusion than any other world region—for the very first time—receiving up to USD 7.6 Bn in active commitments. That amount of annual venture consideration stood as stronger growth than anticipated for such kind of funding across the planet.

Ever since the turn of the last decade, financial inclusion has been a hot topic in Africa due to the continent’s large unbanked population and the lack of shared prosperity. But, even with the participation of million-dollar fintechs and interest from international funders, only 43 percent of Africans are “financially included”. 

“Financial inclusion at 43 percent for Sub-Saharan Africa is not acceptable. We should continue to work hard to reach those who need and want financial services, those who are unserved or underserved, including women, youth, and rural populations,” a public statement from MasterCard reads. 

Prima facie, Africa remains a long way fro...

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