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Why Africa should Embrace Digital Financial Inclusion?

Author

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  • David Mhlanga
  • Daniel Francois Meyer

    (University of Johanneburg)

Abstract

This paper aimed to investigate the various benefits of adopting digital financial inclusion in Africa. According to the findings of the study, the adoption of digital financial inclusion in Africa has the potential to significantly improve financial inclusion as well as access to financial services for groups that are currently underserved and underbanked. With digital financial inclusion, individuals can manage their financial affairs and receive financial services regardless of their location or socioeconomic background because of the increasing adoption of digital technologies such as mobile money, digital wallets, and digital microfinance platforms. The study also found that the rise in digital financial inclusion in Africa allows a rise in financial literacy, which has led to enhanced economic growth and stability, as well as the promotion of savings and investment. Digital financial inclusion can also boost economic growth and increase the overall quality of life for people in Africa by making it possible for anyone to access financial services through new and innovative means. The inclusion of digital financial services not only offers enormous benefits but also paves the way for a future that is both more equitable and economically secure in Africa.

Suggested Citation

  • David Mhlanga & Daniel Francois Meyer, 2023. "Why Africa should Embrace Digital Financial Inclusion?," Africagrowth Agenda, Africagrowth Institute, vol. 20(1), pages 14-17.
    • Handle: RePEc:afj:journ2:v:20:y:2023:i:1:p:14-17
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-afgrow_v20_n1_a3
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