Maxwell Hall, Public Engagement, Tel.: +41 (0)79 329 3500; Email: maxwell.hall@weforum.org
· In collaboration with the central banks of Kenya, Rwanda and Tanzania, the World Economic Forum is launching a project focused on East African financial inclusion
· Initiative will focus on youth empowerment, the gender gap, and financing micro, small and medium-sized enterprises through responsible data capture and credit analytics
· For more information on the World Economic Forum on Africa, please visit wef.ch/af17
Durban, South Africa, 5 May 2017 – The central banks of Kenya, Rwanda and Tanzania have expressed their intent to partner with the World Economic Forum in an effort to expand access and usage of financial services.
The effort aims to develop collaboration between policy-makers, private-sector providers of financial services and their clients, and other relevant actors. Sub-Saharan Africa has made significant strides towards financial inclusion, leveraging digital and other means to raise the number of adults that have an account to 34% in 2014, up from 24% in 2011. The region leads the world in mobile money accounts, standing at 12% penetration. Kenya, Rwanda and Tanzania are among the leading countries in East Africa, with average adult account prevalence of 37%, and mobile money account penetration of 43%, collectively.
The three priorities of the initiative are:
1. Expand MSME financing by fostering responsible data capture and non-traditional credit analytics
2. Reduce the gender gap by supporting the creation of innovative financial products and services that fully meet the unique needs of women
3. Engage youth in financial inclusion through encouraging entrepreneurship; this includes offering greater opportunities to access the resources (including working capital) needed to initiate and sustain a small business
“The goal of the project is to bring together a coalition of local and international organizations to catalyse investment and collective action towards building an inclusive financial system that promotes sustainable economic growth in the region,” said Matthew Blake, Head of Financial and Monetary System Initiative and Member of the Executive Committee at the World Economic Forum.
More than 1,000 participants are taking part in the 27th World Economic Forum on Africa in Durban, South Africa from 3 to 5 May 2017. The theme of the meeting is “Achieving Inclusive Growth through Responsive and Responsible Leadership”.
Notes to Editors
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A previous version of this press release mistakenly attributed statistics to East Africa, that were intended to represent Sub-Saharan Africa in its entirety.