The Director of MasterCard Foundation (MCF) on Financial Inclusion, Madam Ann Miles, has decried the abysmal level of financial inclusion in countries in sub-Saharan Africa, saying it is significantly low compared to other parts of the world.
Speaking at the fifth MCF Symposium on Financial Inclusion, in Accra, she said the general level of financial inclusion in Sub-Saharan African was 34 per cent during the last count in 2016 and has not shown serious signs of improvement.
According to her, the Foundation was working with a number of Financial Institutions to help in the extension of financial services to people, who were unbanked or underbanked to ensure that there was the closure of the gap on financial inclusion.
MCF had over the years, helped to enroll these groups into the financial system to help boost the economy of African countries.
Madam Miles said because financial products and services continued to be expensive and there was a huge documentation requirement from the banks, it scared away the ordinary people from banking with financial institutions.
Continuing, MCF boss averred that “We are interested in seeing how telecommunications networks can link with banks and financial institutions, extending their services.”
In his keynote address, President and CEO of MasterCard Foundation, Madam Reeta Roy, noted that over the years, financial inclusion had increased as a priority for the international development community as well as governments, business owners and the clients they served.