September 12

NowNow Raises $13 Million in Seed Funding to Expand Services Across Africa

By Muktar Oladunmade

Financial literacy across the world is low, as only 33% of adults globally are financially literate. According to Standard & Poor’s Global Financial Literacy Survey, in African countries, the percentage of financially literate adults hovers within the 26% range (Nigeria) and the 42% range (South Africa). A comparison with Europe, where the percentage hovers between 65%-75%, and the United States, where the rate is 57%, suggests that African adults might find it more difficult to create and maintain wealth than their Western counterparts.

In Nigeria, a report on financial literacy from the Central Bank of Nigeria (CBN) showed that the majority of Nigerian adults want to understand essential financial concepts in making informed decisions about saving, investing, and borrowing.

Source: TechCabal (link opens in a new window)

financial inclusion