IFC, MasterCard study to boost financial inclusion
International Finance Corporation (IFC) has unveiled a study to help financial firms in Africa understand consumer perceptions and attitudes towards digital services.
The World Bank Group’s private sector lending arm partnered with the MasterCard Foundation in the study aimed at growing financial inclusion in the continent.
Sub-Saharan Africa leads the world in use of digital financial services with more than 277 million subscribers, 100 million of whom are active users, the latest report by the Global System for Mobile Communication Association shows.
Kenya — the pioneer of the mobile money services — and Tanzania have nearly doubled the use of digital financial services since they were rolled out a decade ago.
Photo courtesy of Mastercard Foundation.