Africa’s Unbanked Population

There are various barriers to accessing formal financial services in Africa, such as low income, lack of documentation, and inadequate financial infrastructure in rural areas. Many people may also face language barriers or lack financial literacy to understand the products and services offered by financial institutions. Private sector companies are also working to increase financial inclusion in Africa. For example, the Mastercard Foundation launched the “Fintech for Social Impact” initiative in 2018, which aims to support fintech startups focused on promoting financial inclusion in Africa.

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