Competition, new rules to spur West African electronic financial services
New regulations, competition and product diversity are likely to help boost digital financial services across the eight West African Economic and Monetary Union countries.Making financial services available and affordable to all segments of the population, especially those excluded by income level, political instability, gender, location, or education, has been a major topic over the past few years in Africa.The availability of financial services to those who historically not had access to them—so-called financial inclusion—is essential for widespread economic growth, according to the African Development Bank (ADF). However, Africa has been lagging behind other continents in this area, with less than one out of four adults holding an account at a formal financial institution, according to an ADF report, “Financial Inclusion in Africa.”To read this article in full or to leave a comment, please click here

