CGAP received nearly 200 proposals from digital financial services providers across Africa interested in piloting new products. A look at those proposals — from 30 countries — shows that innovations are spreading beyond hot spots like Kenya.
In an open letter, CGAP CEO Greta Bull posits that four key factors are changing the landscape of financial inclusion: (1) Technology and distribution; (2) Policy and regulation; (3) Open ecosystems; and (4) Data.
Bank accounts today once again outnumber mobile money accounts in Kenya -- by over 30 percent. Innovations like PesaLink have helped banks achieve this growth, showing that banks can thrive in the face of mobile money.
In Kenya, where nearly everyone knows about mobile money and a majority live within walking distance of an agent, why do nearly 2 in 10 adults lack access to formal financial services? And what can be done to reach them?