Madam Ann Miles
Madam Ann Miles

The Director of MasterCard Foundation on Financial Inclusion, Madam Ann Miles has said, the level of financial inclusion in countries in the sub-Saharan Africa is insignificant with regards to other countries around the world.

Madam Ann indicated that, in 2016, the general level of financial inclusion in the Sub-Saharan Africa stood at 34%.

According to her, the Foundation has been working tirelessly with a number of Financial Institutions, in order to help extend financial services to people who are unbanked or underbanked, to enable the closure of the gap on financial inclusion.

She said, the foundation had been able to help enroll these groups into the financial system to help boost the economy of the entire African countries. And she also expressed with the hope that, the initiative would shoot up in the next report.

She was speaking at the 5th MasterCard Foundation Symposium on Financial Inclusion on 8th November, 2017, at the Kempinski Gold Coast City Hotel in Accra.

“We are interested in seeing how telecommunication networks can link up with banks and financial institutions, extending their services,” Ann Miles emphasised.

According to her, since financial products and services continues to be expensive with it’s associated huge documentation requirement from the banks, it chased away the ordinary people from banking with the various financial institutions.

The annual MasterCard Foundation symposium was purposed to reflect the financial inclusion industry’s journey in adopting, applying and learning from client centricity and provide the contextual backdrop against, which financial services providers operate and clients live and also provides a win-win proposition for both clients and institution.

Meanwhile, the President and CEO of MasterCard Foundation, Reeta Roy
said, in the past, financial inclusion had increased as a priority for international development community, and as well as governments, business owners and the clients they served.

She further explained that, after five years of gathering the brightest minds in the fields to advance access and resources to modern financial products and services, “we have made significant progress, that will continue to make a difference in the lives of the people.”

The event saw a great number of speakers, stakeholders and people from around the world.

By:Sammy Adjei/Newsghana.com.gh

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