At the World Economic Forum in Davos, Ajay Banga, MasterCard's President and CEO (left), and Donald Kaberuka, the African Development Bank's President (right), today announced a significant partnership to boost financial inclusion in Africa. Photo by swiss-image.ch/Michael Buholzer
At the World Economic Forum in Davos, Ajay Banga, MasterCard's President and CEO (left), and Donald Kaberuka, the African Development Bank's President (right), today announced a significant partnership to boost financial inclusion in Africa. Photo by swiss-image.ch/Michael Buholzer

The African Development Bank (AfDB) and MasterCard have collaborated to expand financial inclusion across the African continent.

At the World Economic Forum in Davos, Ajay Banga, MasterCard's President and CEO (left), and Donald Kaberuka, the African Development Bank's President (right), today announced a significant partnership to boost financial inclusion in Africa. Photo by swiss-image.ch/Michael Buholzer
At the World Economic Forum in Davos, Ajay Banga, MasterCard’s President and CEO (left), and Donald Kaberuka, the African Development Bank’s President (right), today announced a significant partnership to boost financial inclusion in Africa. Photo by swiss-image.ch/Michael Buholzer

The collaboration will enable them develop solutions that drive inclusive growth in Africa by broadening access and usage of digital financial services.

Donald Kaberuka, President of the AfDB, said, despite the phenomenal economic growth in Africa, this has not translated into shared prosperity and better livelihoods for the majority, and that growth has to be inclusive to be socially and politically sustainable.

“One key component of inclusive development is financial inclusion, an area in which Africa has been lagging behind other continents. Broadening access to financial services will mobilize greater household savings, marshal capital for investment, expand the class of entrepreneurs, and enable more people to invest in themselves and their families,” he said.

Also, Ajay Banga, President and CEO at MasterCard, avererd that less than one adult out of four in Africa has access to an account at a formal financial institution. While many of our industry partners have been active in this space, believing that through payments expertise, and the AfDB’s 50 years of experience in financing Africa’s economic transformation, they can achieve scaled impact and lasting transformation.

Per the collaboration, they will build cohesive African financial systems that drive inclusion at a country level and enable service delivery to traditionally excluded populations; invest in a curated set of innovative financial services companies and solutions targeted at addressing barriers that hinder financial inclusion; and Share knowledge across academic, policy and commercial sectors to create thought leadership on financial inclusion and economic development.

Source: spyGhana.com

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