I note with appreciation the continued role of AFRACA in promoting capacity building and knowledge exchanges among its members as one of the avenues of promoting financial inclusion in the rural and agricultural sectors in Africa. Ladies and Gentlemen: The efforts to increase the level of financial inclusion in Africa have started to bear fruit.
This is largely attributed to advancements in mobile phone technology. Rollout of Mobile Phone Financial Services (MFS) has proved a very useful tool in enhancing financial inclusion. Africa has over the last few years, experienced one of the highest mobile phone penetration rates. Mobile phone technology provides an effective and convenient communication channel.