Sub-Saharan Africa leads the way in bringing digital banking to the unbanked
By: Gwenael Trotel, Standard Bank's Head of Consumer Solutions and Digital Cards The financial services landscape is fast changing. Technology is disrupting traditional offerings and those who have previously been unable to access banking services are now being brought into the fray through digital and more accessible offerings. It is not only the likes of Western giants like Facebook, which recently announced the launch of its digital currency Libra, who are shaking things up. African players are making steady progress in bringing the continent closer to a cashless society. According to 2015 figures from the World Bank, sub-Saharan Africa is home to 350 million unbanked individuals, which accounts for 17% of the global total. This number is likely to have come down in recent years due to the rapid uptake of mobile money technologies. Financial inclusion is critical to reducing poverty and igniting economic growth. As specific regions within the continent lack ...