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The rise of digital banking deepens financial inclusion

There is a wind of technological change blowing across Africa. FILE PHOTO | NMG
There is a wind of technological change blowing across Africa. FILE PHOTO | NMG 

From the most northerly point, Ras ben Sakka in Tunisia, to the most southerly point, Cape Agulhas in South Africa, there is a wind of technological change blowing across Africa.

The agents of this change include telecommunication and financial technology or “fintech” companies.

Twenty years ago, the level of mobile penetration in Africa was falling behind the rest of the world. While the other regions were making major advancements in this area, Africa had barely started.

Now the continent is a leader in mobile banking through landmark innovations such as M-Pesa, the mobile phone-based money transfer, financing and microfinancing service, and other ways people use their mobile phones to promote commerce.