Tuesday, July 16, 2024
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Financial Services in the Digital Age

In order to promote universal access to digital financial services for all Africans and support the Digital Transformation Strategy for Africa (2020-2030), the African Union Commission has partnered with AfricaNenda. This partnership aims to develop an advocacy program, policy harmonization, and implementation of the strategy’s roadmap with a focus on Inclusive Instant Payments Systems in Africa.

This partnership aims to provide access to the formal financial system for over 400 million financially excluded adults in Africa, reducing reliance on cash and informal providers. It also seeks to enhance collaboration with governments, central banks, regional organizations, the private sector, and development institutions.

A High Level Forum on Inclusive Instant Payments Systems in Africa was convened by the AU Commission and AfricaNenda to accelerate the expansion of Digital Public Infrastructure. This initiative is timely as Africa progresses in intra-African trade through the African Continental Free Trade Area, where digital financial services play a crucial role.

Amb. Albert Muchanga highlighted the importance of the partnership, emphasizing the removal of obstacles to financial inclusion through technology. He stressed the need for collaboration among Member States, the private sector, civil society organizations, academia, and others to design and implement impactful policies.

Dr. Robert Ochola, CEO of AfricaNenda, reiterated the institution’s commitment to strengthening relationships with stakeholders to support inclusive instant payment systems in Africa. He emphasized the importance of strategic partnerships to advance financial inclusion and sustainable development.

Both principals emphasized the urgency of addressing digital deficits and vulnerability by implementing inclusive instant payment systems and removing barriers to digital payments in Africa.

Access to financial services is crucial for economic empowerment and social development, yet millions of Africans are excluded from the formal financial system. The digital transformation is expanding to almost all economic sectors and presents opportunities for innovation and growth in Africa.

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