“Even with mobile banking, only 34 percent of Africa’s adult population has access to banking services, and within the West African Economic and Monetary Union (UEMOA), it is less than 18 percent,” he said.
Furusawa made the remarks during a regional conference on financial inclusion, organized by the Central Bank of West African States in collaboration with IMF.
The meeting in the Senegalese capital is being held under the theme “Finance for all: Promotion of financial inclusion in West Africa.”
According to Furusawa, in Senegal, the number of people with a bank account doubled between 2011 and 2014 to stand at 12 percent of the population today.
Other UEMOA member states have equally made progress, he explained, but added that “much remains to be done.”
Furusawa noted that many households in the region do not have a bank account, many small businesses cannot access credit and this financial exclusion has undermined development. Enditem
Source: Xinhua/News Ghana
