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Africa’s huge strides in financial inclusion

Africa’s huge strides in financial inclusion

SETH ONYANGO MORE Africans are accessing mainstream financial services thanks to rapid growth in mobile money services on the continent. Markets such as Kenya and Nigeria are leading in the development of innovative products tailored for the historically underserved demographics by the formal financial sector. International Monetary Fund (IMF) estimates show Africa has more digital financial services users than any other region in the world, accounting for nearly half of the 700 million individual users globally. In 2011 the level of financial inclusion in Sub-Saharan Africa was just over 23 percent and jumped to almost 43 percent in 2017, buoyed…
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