New study calls for better access to banking services in Africa
A new study highlights the need to strengthen the financial sector's presence in Africa, where less than a quarter of the adult population has an account with a formal financial institution.A new study highlights the need to strengthen the financial sector's presence in Africa, where less than a quarter of the adult population has an account with a formal financial institution.
Initiated by the Secretariat of the Making Finance Work for Africa Partnership, the study "Financing Africa: Through the Crisis and Beyond" was conducted in collaboration with the African Development Bank, the World Bank and the German Federal Ministry for Economic Cooperation and Development.
"There is still so much to do to remove the limits and constraints in order to increase the number of people owning a bank account in Africa (...) This is an obstacle to the continent's ability to grow and get out of poverty," said the director of the department for governance and economic and financial reforms at the African Development Bank Isaac Lobe Ndoumbé, quoted by APS news agency.
The report emphasises the importance of improving access to credit for small and medium-sized enterprises (SMEs), which are the main drivers of African economies.
"Without adequate access to credit, African SMEs cannot invest and grow and the lack of financial inclusion strategy – which can effectively improve access to finance – has not helped the situation," added Mr Ndoumbé.