Why is the MasterCard Foundation Symposium being held in Africa?

The fact that the MasterCard Foundation Symposium is taking place in Africa for the first time implies that that the majority of the work of the Foundation takes place on the continent. This also recognizes and acknowledges the fact that there are immense financial services needs and opportunities for change that exist in Africa. Many African countries are still developing and, therefore, hold a great potential in the financial sector in terms of expansion.

Does Africa really have what it takes for a financial inclusion? Yes. Why? Study shows that just over a third of adults in Sub-Saharan Africa have an account at a formal financial institution. In some countries, fewer than one in ten people have an account.

In Africa also, the agricultural sector accounts for approximately 2/3 of Africa’s GDP. Hundreds of millions of people have no access to financial services. This limits their ability to be more productive and improve their standard of living. This shows that there is a lot of potential in Africa and the MasterCard Foundation knows just that.

In Africa, mobile accounts have proved that they can drive financial inclusion. The level of financial inclusion in several countries in Africa, has grown significantly after financial service providers have used technology especially the use of mobile phones to make financial access safe, cheap as well as convenient.

Study also indicates that two percent of adults globally say they use a mobile account alone. In 13 countries in Africa, however, more than 12 percent of adults report having a mobile account alone. In five of those countries – Côte d’Ivoire, Somalia, Tanzania, Uganda and Zimbabwe – more adults have mobile accounts than an account at a financial institution.

The fact that this annual symposium is taking part in Africa does not imply that the MasterCard Foundation is concerned with Africa alone. No, this is a global meeting of experts and senior practitioners from around the world and not only from Africa. A key feature of the Symposium is the exchange of information about how to enable more people to become financially included under very different economic, cultural and political conditions.