The recent Africa Fintech summit reminded us that financial inclusion is likely to be the hot topic for any future discussion on the African economy. A McKinsey Global Institute Report has estimated that digital finance would add $3.7-trillion to the GDP of emerging economies over the next three or four years; the role of financial inclusion in reigniting economies in the post-pandemic world cannot, and should not, be understated.
Mobile banking has been front and centre in Togo’s creation of a digital banking structure, aimed at supporting the whole economy and across the entire country for a while now — the country reported the highest banking rate in the West African monetary union in 2019, at more than 78%. Another hurdle is often how to identify, prioritise and target marginalised groups. Many countries have now developed enterprising microloan programmes to support women specifically. In Togo this has benefited almost 2-million women, many of whom have turned the initial grant from the government’s dedicated national fund into successful start-up businesses.
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