By Dela Ahiawor
Financial inclusion (adoption of digital financial services) in Sub-Saharan Africa is experiencing significant growth, which points the way towards achieving the Sustainable Development Goals (SDGs).
With 350-400 million people still in Sub-Saharan Africa lacking access to banking services; it goes without saying that, embracing financial inclusion has the potential to progress the continent towards sustainability.
Indeed, financial inclusion contributes to achieving seven (7) out of the seventeen 17 (SDGs), which includes: lifting the poor out of poverty, enhancing well-being and spurring economic advancement towards building an equitable society.
Additionally, financial inclusion helps in bringing people who do not use banking services into formal financial systems which helps in accelerating cashless (digital) transactions.
The surge in financial inclusion in Africa is largely due to mobile money account adoption. To help drive significant economic and social transformation across the continent, fintech institutions are taking proactive steps to boost financial inclusion, by providing relevant and convenient Digital Financial Services (DFS) for the unbanked population.
In a bid to advance greater financial inclusion across Africa, global technology company in the payments industry, Mastercard and AXIAN Group has partnered to give customers in Tanzania, Madagascar, Togo, Comoros and Senegal the needed tools to thrive in today’s interconnected world.
Weighing in on the collaboration, Erwan Gelebart, CEO of the Digibank & Fintech cluster of AXIAN Group said: “At AXIAN, our vision is to be at the centre of Africa’s digital revolution, bringing solutions that empower our customers with relevant and convenient financial services. simplify lives, expand access to financial services and empowering our customers. Through this collaboration with Mastercard, we are giving our customers the tools they need to thrive in today’s interconnected world, whether it is for shopping, for sending money across borders or for managing their business securely from a mobile app.”
This draws attention to how financial inclusion can be enhanced through digital financial services like: Mobile money and online banking, aiming to expand financial services to the unbanked population on the continent. It’s also true that, digital tools help in boosting local economies and entrepreneurship.
For his part, Mete GUNEY, Executive Vice President, Market Development, EEMEA, Mastercard noted that: “Across Africa, technology is unlocking new ways to connect people to opportunity. This partnership is a reinforcement of how we are enabling simple and secure ways to make payments and move money. We remain committed to working with innovative players like AXIAN to drive financial inclusion and accelerate the growth of the continent’s digital economy.”
The partnership strengthens the digital ecosystem, brings innovative payment solutions for consumers and SMEs across five new pan-African markets.
Mastercard and AXIAN Group landmark strategic collaboration will launch a suite of digital payment solutions across Tanzania, Madagascar, Togo, Comoros and Senegal. This collaboration introduces virtual and physical cards, and merchant solutions under AXIAN’s Mixx and MVola brands, giving millions of consumers, SME and entrepreneurs the ability to pay and get paid securely and seamlessly from their mobile phones.
The new solutions put greater control in the hands of consumers. By simply downloading the Mixx and MVola apps, consumers can activate and top up their virtual card, instantly access live exchange rates and monitor or cancel transactions in real time. These features make international payments easier, faster and safer.
The collaboration expands the unbanked population’s access to banking and payments services where they have traditionally been limited, aiming to open new opportunities and unlock the full potential of the continent’s digital economy.
First published in the Congress of African Journalists (CAJ) International Magazine
