In a compelling address today, 2nd deputy governor of the Bank of Ghana, Mrs Awadzi-Addo, an advocate for underserved empowerment, emphasized the indispensable role of financial inclusion in fostering economic inclusion across Africa. The speech, delivered during the 3i Africa Summit in Accra underscored the critical importance of prioritizing the financial inclusion of underserved populations in Africa as a catalyst for unlocking the full potential of the continent’s economy.
“A key to economic inclusion is financial inclusion,” declared the speaker. “It is obvious that empowering the underserved in any economy is critical in realizing the potential of that economy.”
The address further emphasized underscored the necessity of integrating financial inclusion into the core strategies of policymakers and financial service providers to harness its power in fully integrating the underserved into the economic mainstream. The call to action highlighted the critical need to address the exclusion of underserved and unserved populations by embedding financial inclusion into policy frameworks, regulations, and business models.
“For us to make a real push for financial inclusion and ensure that the excluded and underserved and unserved are brought into mainstream financial services, then we need to think about financial inclusion not as a fringe issue but rather we need to consistently make sure that this is mainstreamed into policy and regulation and the business models of financial service providers and payments service providers as well. This then becomes the underlying business model of financial service providers,” the expert stated.
Furthermore, the speech highlighted the imperative need for Africa to establish its own Foundational Digital Public Infrastructure (DPI) if it is to effectively participate in the global innovation landscape. “It is non-negotiable for Africa to have its own DPI if it wants to be part of the global innovation space,” the speaker emphasized.
This clarion call for action underscores the pressing need for concerted efforts to prioritize financial inclusion as a driver of economic growth and prosperity across Africa.