East Africa’s innovation in financial services has changed the global inclusion landscape.
Looking to the future, technology providers, banks, telecom operators, fintechs and governments must continue to innovate to create financial products that the poor really need and trust at a price they can afford.
Far from being just an opportunity for corporate social responsibility initiatives, the quest for financial inclusion is, more than ever, a legitimate business opportunity for organisations across the finance, retail, technology and telecommunication industries.
The building blocks necessary for financial inclusion are present in East Africa where digital payments innovations are occurring as we speak. The use of digital payments amongst the poorest populations across East Africa has created the preconditions for new and innovative banking and commercial services to be extended.
Governments are waking up to the distributed wealth that financial inclusion can create and are putting wide-reaching financial inclusion roadmaps into action, which will transform accessibility. Governments are partnering more than ever with private sector organisations to harness their expertise and incentivise them to get their services in front of underbanked communities.
At the same time, fintech innovation is quickly evolving in response to the needs of the underbanked. Fintech innovators are well aware of the challenges and see the potential in pursuing financial inclusion. Not only does it provide a size-able market opportunity, but it also comes with the promise of creating a positive impact on people's lives.
This has created the opportunity for real ecosystems to be built, and for real roadmaps to be collaboratively laid out.
The Financial Inclusion Summit East Africa will bring together all of the stakeholders involved in financial inclusion to discuss critical challenges, opportunities, pilot programmes and future roadmaps.