Unlocking Africa’s Potential: A Call for Inclusive, Scalable Payment Systems
Despite a surge in mobile adoption, significant fintech investment, and advancements in digital public infrastructure, over 400 million Africans remain financially excluded. This glaring paradox highlights a critical flaw in current development strategies: digital infrastructure is often built for a select few, rather than designed to serve the most vulnerable populations, including women, youth, and informal workers. This unsustainable and unacceptable reality is precisely what AfricaNenda Foundation and the Nigeria Inter-Bank Settlement System (NIBSS) are actively working to address, championing a transformative approach to payment systems across the continent.
Building From the Margins: The Path to True Financial Inclusion
Dr. Robert Ochola, CEO of AfricaNenda Foundation, powerfully articulated this contradiction, calling it “not only unsustainable but unacceptable.” Speaking at the opening plenary of a Peer Learning Visit, an event co-hosted by AfricaNenda Foundation and NIBSS in Lagos, Dr. Ochola issued a direct challenge to policymakers. He urged them to prioritize the development of truly inclusive, interoperable systems meticulously built “from the margins inward.” His central question resonated with the audience: “The real question is: can we build inclusive, scalable systems that serve every citizen not just the privileged few?” He pointed to Nigeria’s robust NIBSS payment system as a compelling proof point, underscoring the vital importance of creating trusted, interoperable systems that are firmly rooted in strong governance principles. Such systems are crucial for bridging the financial inclusion gap and empowering millions who currently stand outside the formal financial ecosystem.
The collaborative efforts of AfricaNenda Foundation and NIBSS underscore a critical shift in focus: from exclusive digital advancement to widespread financial empowerment. By advocating for payment systems that are not only scalable but also inherently inclusive, they envision an Africa where financial services are accessible to all, driving economic growth and reducing inequality across the continent. This strategic push is essential to harness Africa’s full digital potential, ensuring that innovation translates into tangible benefits for every citizen.
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