Closer home, 80% of the adult population in Sub-Saharan Africa do not have access to financial services (CGAP, 2011). In this regard, for the World and Africa in particular to catapult the efforts to reduce poverty, concerted action to increase access, uptake and use of financial services should be rolled out.
Ladies and Gentlemen: Several reasons have been put forward to account for the low level of financial inclusion in Africa. Key among these reasons are poverty, irregular income flows, high levels of financial illiteracy, high financial costs, social and cultural beliefs, and underdeveloped financial markets.