The next step for Africa’s digital economy: fast, inclusive payments
Central banks should lead policy for a payments transformation that benefits all levels of society, argue Jean Pesme and Michael Wiegand
This month’s Global Findex report from the World Bank delivers a powerful message: more people than ever are participating in the formal financial system. In low- and middle-income countries, more than two billion people now have a financial account. In sub-Saharan Africa, the share of adults with an account has grown from 24% in 2011 to 58% today – a dramatic leap in just over a decade, powered by decisive policy reforms, the emergence of new service providers and new ways to make transactions
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