Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
India has lately been pursuing an ambitious goal: a cashless economy.Today, an estimated 326 million Africans – 80 percent of the continent's adult population – use no formal or informal financial services. Similarly, millions of Africans are scratching out a living in the informal economy, which represents about 41 percent of GDP in most parts of the continent. The goal should be to achieve prosperity through financial inclusion linked to economic activity. Such a plan should focus on building the right ecosystem for economic activity. In Africa, that means not just delivering financial services, but also advancing financial literacy. To ensure that financial inclusion actually enables economic transformation, Africans must gain the knowledge and tools to make the most of financial services.Africa must not allow cash scarcity to cripple the informal economy, as it has in India.With a smart strategy, underpinned by patience and commitment, Africa can build a cashless economy, with high levels of financial inclusion supporting economic prosperity and security.
How pooling can help beat
An Amazonian trade strategy for the African continent
FOLLOW THIS ARTICLE