Lelemba Phiri, Group Head of Talent and Managing Director for Zambia and Malawi, Zoona Group describes the importance of client-centred culture and leadership.
Ignacio Mas, Executive Director and Co-Founder at Digital Frontiers Institute, discusses money management and the future of financial inclusion.
“A lot of the time people talk about inclusion. But if we are going to make an impact in Africa it has to be at a large scale.”
Bolaji Akinboro and Ken Njoroge of Cellulant, opened the third MasterCard Foundation Symposium on Financial Inclusion with a story. The story of how they established Cellulant and developed an e-wallet system that delivers electronic vouchers directly to farmers for agricultural inputs in Nigeria allowing them to increase their farm production and livelihoods. They have managed to scale their operation, reaching nine million clients to date with the system.
At the third annual MasterCard Foundation Symposium on Financial Inclusion, held in partnership with the Boulder Institute of Microfinance, CNBC Africa interviewed delegates about how to improve access to financial services in Africa.
Reeta Roy, President and CEO of The MasterCard Foundation, spoke about the work being done by the Foundation and the importance of understanding the needs of people living in poverty and improving their access to financial services.
In order to develop client-centric products and services, The MasterCard Foundation believes we need to put clients at the centre of our work. Listen to two clients, Catherine from Zambia and Mamadou from Senegal, speak about their experiences with client-centric financial services.
Sumaiya Sajjad, Program Manager, Financial Inclusion at The MasterCard Foundation, discusses this year’s Symposium on Financial Inclusion and reflects on the evolution of the event.
Worldwide, two billion adults do not have an account at a financial institution, according to the World Bank’s Global Findex report. Only 41 percent of adults in developing economies have an account—and that number drops to just over 20 percent among adults living in extreme poverty. Women, in particular, are largely excluded from the formal financial system. In less-developed countries, only 37 percent of women have accounts, compared to 46 percent of men.
At the Foundation, we champion client centricity in all aspects of our work. The Symposium on Financial Inclusion reflects this priority, bringing together key stakeholders to discuss pathways to financial inclusion with an emphasis on lifting client voices. So ahead of this year’s Symposium, we asked participants to reflect on their perception of client centricity in the financial sector.
Here are the top three insights based on participants’ responses:
The often referenced Portfolios of the Poor – How the World’s Poor Lives on $2 A Day illustrates the impact of financial exclusion by detailing the complex financial lives of the world’s poor. The book shows that despite a lack of access to formal financial systems, people living in poverty not only find ways to save, they create complex systems of financial management in order to make ends meet.