MasterCard president and CEO Ajay Banga has affirmed the company’s commitment to extending financial inclusion across Africa.
During a week-long visit to the continent, Banga collaborated with local government officials, financial institutions, businesses and citizens while sharing his thoughts on a cashless society and vision of a world beyond cash:
* Africa’s financial services sector is projected to grow 40% by 2020. Currently, 80% of sub-Saharan Africa is unbanked;
* Over the next three years, seven out of 10 of the world’s fastest-growing economies will be in Africa;
* Africa has surpassed Europe in the number of mobile phones and the US in number of cell phone users;
* Yesterday (17 January), Banga met with South Africa’s deputy minister of finance Nhlanhla Nene to discuss the importance of the financial sector and government working together; and
* The South African Social Security Agency (SASSA) and MasterCard are working to bring bank access to the country. By the first half of 2013, an estimated 10-million South Africans – nearly one-fifth of the country’s population – will be brought into the formal banking sector. This project will also result in a R3-billion savings by SASSA on operating costs alone.
During a week-long visit to the continent, Banga collaborated with local government officials, financial institutions, businesses and citizens while sharing his thoughts on a cashless society and vision of a world beyond cash:
* Africa’s financial services sector is projected to grow 40% by 2020. Currently, 80% of sub-Saharan Africa is unbanked;
* Over the next three years, seven out of 10 of the world’s fastest-growing economies will be in Africa;
* Africa has surpassed Europe in the number of mobile phones and the US in number of cell phone users;
* Yesterday (17 January), Banga met with South Africa’s deputy minister of finance Nhlanhla Nene to discuss the importance of the financial sector and government working together; and
* The South African Social Security Agency (SASSA) and MasterCard are working to bring bank access to the country. By the first half of 2013, an estimated 10-million South Africans – nearly one-fifth of the country’s population – will be brought into the formal banking sector. This project will also result in a R3-billion savings by SASSA on operating costs alone.