Financial inclusion must be a priority for Africa in 2022, Mazamesso Assih says

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Friday, 14 January 2022 11:52
Financial inclusion must be a priority for Africa in 2022, Mazamesso Assih says

(Togo First) - This year, Africa must make financial inclusion a priority. Mazamesso Assih, Togo’s minister for financial inclusion and the informal sector, claimed in a recent statement. 

According to the official, there are three main reasons African nations must focus on financial inclusion. First, making financial services more accessible fosters the empowerment of the most vulnerable people, women especially. “Women,” Assih said, “are disproportionately affected by financial exclusion.” “Including them requires specific measures and greatly benefits society,” she added.

The second thing financial inclusion can help tackle are criminal networks. "Moving from an exclusively monetary economy to a digital financial infrastructure makes it easier for authorities to trace transactions and deal with smugglers and traffickers, most of whom thrive by exploiting the monetary economy," the Togolese minister stressed.

Lastly, financial inclusion will boost private and public sector connectivity for sustainable growth. In this regard, Mazamesso Assih urged African governments to "support African fintech entrepreneurs whose start-ups can transform the economy and society, especially if they have the right channels to collaborate with telecom giants and big banks."

In her statement, the minister pointed the example of Togo, saying it took various steps to improve inclusion nationwide. These include microcredit programs, digital banking, entrepreneurship incentives, and financial education. 

Esaïe Edoh

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