Financial exclusion impacts countries all over the world, but how do we explain its prominence? Mouna Fouillade, Head of Communications, EMEA for TSS at Ingenico, a Worldline brand, looks at the key blocking points to digital transformation, reveals the equation to solve this challenge, and explores a solution in Kenya where trust was gained through a branchless banking network.
When we think about financial inclusion, it’s tempting to associate it with poorer populations in emerging countries where cash is still the driver for a high percentage of transactions. Even though 43% of sub-Saharan Africans have an account at a bank or with a mobile money service provider, the vast majority of purchases are still completed using cash. In Nigeria, for example, the rate is 95%.
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