Financial Inclusion Remains a Major Challenge in Africa
Financial inclusion remains a significant challenge, with substantial disparities between different actors in the sector. The African financial industry barometer conducted by Deloitte presents an analysis of access and usage levels of financial services.
Traditional Institutions Face Challenges
Traditional institutions, such as banks and insurance companies, consider access to financial services to be mostly low (47% and 31%) or very low (21% and 38%). This perception highlights the persistent difficulties in reaching a larger part of the population, mainly due to strict eligibility criteria and administrative barriers.
Capital Markets Share Similar Concerns
Capital markets share a similar limited vision: 60% of actors consider access to be low, while 20% judge it to be very low. This finding reflects the structural obstacles to investment and financing for businesses, particularly for SMEs and startups.
Digital Sector Offers Optimism
In contrast to traditional institutions, fintechs and digital services display a more optimistic perception. 67% of them estimate that the access level is medium, compared to 33% who still consider it low. This trend can be explained by the rise of mobile money, which has approximately 850 million registered accounts in Africa, with 240 million active accounts. The increased accessibility of these services, particularly in rural areas, facilitates financial inclusion for unbanked populations.
Microfinance Faces Limitations
Despite its key role in financial inclusion, microfinance still encounters major obstacles. The unanimous judgment of microfinance institutions that access is low reflects structural difficulties such as the informality of economic activities and the lack of guarantees for credit granting.
Towards Increased Collaboration?
With a medium bancarization rate of 43% and limited insurance penetration of 2.78%, traditional actors struggle to extend their offerings to marginalized populations. A synergy between banks, fintechs, and microfinance institutions could help overcome these barriers and improve financial inclusion.
